Exchange houses in Qatar have assured ample supply of major currencies as the country gears up for Eid al-Fitr, according to industry sources.
Immediately after news of the Gulf diplomatic crisis broke out, many expatriates in Qatar rushed to exchange houses to remit money. During this period, exchange houses also experienced a shortage in their supply of legal tender, mainly the US dollar and other European currencies.
But exchange officials in Qatar emphasised that “business has normalised,” and that international sources and major banks in the country have supplied exchanges with their currency requirements.
“We have arranged for supply from other sources; even the banks have improved their supply of currencies in the market. The banks supported us; we got supply from financial institutions like Doha Bank and QNB.
“We also imported currencies from other sources like Oman and Kuwait, and we have developed our source of supply for the market,” K N S Das, general manager, Trust Exchange pointed out.
Das stressed that the exchange house had also replenished its supply for all legal tender, mainly the US dollar, euro, and British pound, among other international currencies.
“We don’t feel any shortage in the market; whatever the normal currencies in demand, it is available with us and we try to provide to our customers,” he stressed.
Similarly, Al Mana Exchange senior manager Anand P Jakati said the exchange’s currency requirement was supported by QNB, Commercial Bank, and Ahlibank, as well as other sources.
He said the exchange deals with 25 currencies and regularly replenishes some 10 currencies, with “the US dollar being the main currency we require.”
In the run up to Eid al-Fitr, Das said the exchange is expecting a 10% to 15% increase in remittance volume over the previous month.
“Normally, the holy month of Ramadan is the best time for the remittance business. The trend this year is the same as in 2016, and according to our statistical data, we are expecting remittances to increase during this period.
“Remittance growth in 2017 saw progressive figures over the previous year; it was very good, and the business is up,” he said, adding that the company is expecting growth in remittance volume in the Arab corridor during this period.
Jakati, on the other hand, noted that the exchange is expecting a “moderate amount” of remittances in the run-up to Eid.
“We are also expecting some increase as Eid approaches, although in the last fortnight, we already witnessed a surge in remittances immediately after people learned of the Gulf diplomatic crisis.
“Last June 5, 6, and 7, we had very high value of remittances as much as four times the normal daily average. But after the situation normalised, it had gradually reduced. In the coming days, we are expecting a moderate amount of remittances,” he stressed.