facebooktwittertelegramwhatsapp
copy short urlprintemail
+ A
A -
webmaster

Satyendra Pathak
Doha
Many currency exchange houses in Doha are facing a shortage of sterling as the demand for British currency has suddenly gone up after Britons voted to leave the European Union (EU).
With the pound hitting 31-year low against the US dollar after Brexit, a Doha-based forex expert, said the demand for the British currency has"gone up manifold in Qatar".
"As Qatari riyal is pegged to US dollar, the Qatari currency has also become very strong against sterling. Many people want to take advantage of this situation by buying more sterling at lower price for use in future," Al Zaman Exchange Forex Operations Manager Adarsha Sheneva told Qatar Tribune.
"Generally, we do not stock huge quantity of sterling. Whatever we had, we have already sold. We have run out of stock as there is no fresh supply of sterling in the Qatari market," Sheneva said.
Another forex expert said most of exchange houses in Qatar have also run out of pounds as there was very low supply of the currency from the British banks after Brexit.
Al Dar Exchange Manager Mohammed Ahmed said there has been a huge demand for sterling in Qatar for the last three days."We have been continuously receiving enquiries about the availability of pound at our exchange. We had stock before the Brexit vote. But now we are running short of it as our regular suppliers from Britain are also not in a position to meet the growing demand here," Ahmed said.
The rush for sterling in Qatar, Ahmed said, is such that the currency is being sold at a much higher price than its actual screen price.
turn to page 2
copy short url   Copy
28/06/2016
1973