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Satyendra Pathak
Doha
After witnessing sudden rise in remittances from Qatar in the first few hours after the GCC diplomatic crisis began on June 5, business is back to normal at most of the money exchange houses in the country.
Inquiries with different money exchange houses have revealed that there is no such rush at the moment.
'Currently the business is going as usual. There is no rush as we witnessed on June 5. Expatriates soon realised that the diplomatic crisis was unlikely to affect the strength of Qatari riyal against the currencies of their respective countries," Al Daar Exchange Operations Manager Mohammed Ahmed told Qatar Tribune.
Ahmed, however, said the exchange has been witnessing the usual surge in remittances due to Ramadan when expatriates send money for Eid-related expenses.
"It's quite normal as every year we see surge in remittances during the holy month of Ramadan," he said.
An official of Doha-based Al Zaman exchange also said the rush for remittance witnessed on the first day of the diplomatic crisis was not there.
"There was a surge in remittance in the first few hours of the crisis as people thought that it was safe to send money home. The situation, however, got back to normal very soon. Currently, there is no such rush. The situation is quite normal for the last one week," he said.
It is another matter that expatriates from Asian countries are seen queuing up at exchange houses during Ramadan to send money to their families back home, he said.
"This year also we expect rise in remittance during the holy month. Maximum transactions are expected for Asian countries. Mostly people from India, Bangladesh, Egypt, Pakistan and Sri Lanka are seen at the counters," he said.
According to the official, the rush would increase during the last 10 days of Ramadan.
"Ramadan is the best month for exchange houses in Qatar because maximum number of transactions in a year happens during the month," he said.
Exchange houses are also witnessing surge in demand for foreign currencies as people are going on vacation.
The currencies in high demand included the dollar, euro and sterling pound.
Echoing the same, a branch manager of UAE-Qatar Exchange said the sudden rush for transferring money out of Qatar witnessed after the crisis subsides soon.
"Businesses got back to normal within a day after the crisis began. Whatever little rush we are witnessing currently is due to Ramadan," the manager said.
"The currencies of most Asian countries did not see any volatility and trading is stable during the holy month," the manager said.
