“Many expatriates in Qatar are sending money back home because of the Eid al-Adha celebrations; the number of customers has increased by 15% to 20% during this period,” Al Zaman Exchange operations manager Zubair Abdul Rahman told Gulf Times.
Since August was a period when many Qataris and expatriates were out of the country on vacation, Abdul Rahman said he expects a growth in the number of remittance transactions this September as the population increases with the return of holidaymakers.
“Compared to August, there will be improvement in transactions this September because of Eid, the opening of classes, and families have returned to Qatar from their vacation,” he noted.
He also said the Onam festival, which is celebrated by many people from the south Indian state of Kerala, had contributed to the spike in the number of remittance transactions.
“So many Keralites in Qatar are sending money back home this week because of Eid and Onam,” he pointed out. Abdul Rahaman said he sees “the same trend this year compared to the previous Eid al-Adha in 2015.”
He also noted that only the volume and not the number of remittance transactions was “slightly” impacted by low oil prices and downsizing of company workforce, as well as the recent weakening of the US dollar.
In the remaining half of 2016, Abdul Rahman forecasted that the influx of new labourers and other low-salaried workers will push the number of outward remittances from Qatar.
“Because new labourers and employees are coming into the country, I am expecting an increase in transactions but not in the volume. Their salaries, however, are not that high so, while there may be an increase in transactions this will have minimal impact on volume,” he said, adding that countries like India, Bangladesh, Egypt, the Philippines, Nepal, Pakistan, and Sri Lanka have sent the most remittances during Eid.
The celebration of the holy month of Ramadan and Eid al-Fitr and Eid al-Adha are occasions in the year when exchange houses here record growth in remittances from Qatar.
According to a 2016 World Bank report, Qatar and Saudi Arabia account for around half of remittances from GCC states.
Earlier, Qatar-UAE Exchange country head Mathai Vaidian told Gulf Times that transactions to the Arab corridor during the first 15 days of Ramadan in 2016 showed a 10% spike compared to the same period last year.
“Expatriates also took advantage of the favourable exchange rates due to the weaker South Asian currencies against the stronger dollar, spiking remittances,” he said.
