The decline in remittances contributed to the “moderation in sales and purchases” of foreign currencies by exchange houses in the country, the Qatar Central Bank (QCB) has said in a report.
Month-on-month there was an almost 15% to 20% increase in remittance volume this August, a manager said.
Nepal’s ambassador Professor Ramesh Prasad Koirala recently held a meeting with HE the Governor of Qatar Central Bank (QCB) Sheikh Abdulla bin Saoud al-Thani at the latter’s office.
Remittance outflows from Indian expatriates in Qatar are believed to have gone up by 15% since the government crackdown on black money and counterfeit bills, industry sources have said.
Low oil prices have dampened remittances from the Gulf Cooperation Council (GCC) but Qatar has defied the trend with a 22% month-on-month growth in September this year and it is the best performing GCC country for Xpress Money, a global money transfer service provider.
Major infrastructure projects such as those in preparation for the 2022 FIFA World Cup and the Expo 2020 in the UAE can help steady remittance flow from Qatar and other GCC countries, a senior officer of the UAE Exchange Group said.