Qatar exchange houses record remittance growth

Exchange houses in Qatar have recorded an increase in remittance volume in the first six months of 2022 compared to the same period last year.Dr Zubair Abdulrahman, operations manager of Al Zaman Exchange, told Gulf Times Monday that the exchange house posted a 20% year-on-year (y-o-y) growth in remittance volume for H1 2022.He explained that the steady drop in Covid-19 cases and further easing of health and safety restrictions were among the factors in remittance volume growth. “The movement of people is slowly returning to pre-Covid-19 conditions, which greatly benefitted many businesses,” Abdulrahman pointed out.Similarly, Trust Exchange general manager KNS Das said the company witnessed a 10% surge in the total volume for its digital transactions in the first half of the year. “Even month-on-month, we have been recording an increase in activity through our online platforms because of its convenience and ease of use,” he noted.On the other hand, Das said the role of banks in facilitating remittance services had affected remittance volume causing a slight 2% y-o-y drop “as more and more people are utilising digital applications and services, as well as other cashless transactions.”During Eid al-Adha, which was observed last month, Abdulrahman said Al Zaman Exchange witnessed a 22% y-o-y increase in the first half of the year as many residents in Qatar took advantage of the occasion to send money to their respective families back home.According to Das, Trust Exchange saw an 8% growth in remittance outflow from Qatar during this year’s Eid al-Adha.For the summer season, as many residents and citizens went abroad for vacation, both exchange houses saw high demand for the US dollar, euro, and the British pound. Other fast-moving foreign currencies during the period included the Turkish lira, Indian rupees, Saudi riyal, Philippine peso, and Jordanian Dinar.“Not only were the US dollar, euro, and the British pound in demand this vacation season, they were also seen as investments or as a ‘safe currency’ because of their higher exchange rates,” Abdulrahman pointed out.Al Zaman Exchange posted a 40% y-o-y increase in its digital transactions during H1 2022, he said while adding that the exchange house will continue to strengthen its digital platforms and services, as well as to continue offering different promotions to encourage customers to transact business online.