Overseas money transfers from Qatar witnessed at least a 40% surge in the Holy Month of Ramadhan, particularly the last ten-days of the month. Expats could be seen lined up at money transfer shops to waiting their turn to send money back home to their families on the occasion of Eid.
Majority of the transfers were to from Egypt, India, Pakistan, the Philippines, Nepal, Bangladesh, Morocco and Sri Lanka.
Exchange houses also registered an increase in demand for foreign currencies as many people went abroad to spend the Eid holidays.
To cater to the demand of customers looking no send money abroad or buy foreign currency exchange houses had changed their work timings. Dollar and Pound Sterling were particularly in high demand, which could in part be due to Brexit as well.
Expats also benefitted from a strong Qatari Riyal this festival season, as 1QR fetched more of currencies such as Indian Rupee allowing Indian expats to send more money to their homes. Despite the drastic fall of oil prices globally remittances from GCC have continued to be high with expats sending out billions of dollars to native countries annually.