After brief fall, exchange houses in Qatar witness growth in remittance outflow
After a slight slowdown during the second half of 2017 due to the imposition of the illegal siege of Qatar by neighbouring countries, remittance outflows in Qatar have recorded a year-on-year growth.
Exchange houses in the country said 2017 ended on a ‘positive note,’ according to Gulf Times.
Support from Qatar Central Bank provided stability and minimised the impact of the illegal siege, said Al Mana Exchange’s senior manager Anand P Jakati.
“In the second half of 2017, from June to September, the volume of remittance outflow was good. But from October, there was a slight slowdown in remittance volume due to dollar liquidity and the QR55,000 restriction per week. Otherwise, the numbers were okay,” he told Gulf Times.
He added: “The Central Bank is doing its best to allot some funds to us; all the exchange houses had experienced issues in liquidity so the Central Bank has allotted funds to each exchange house, and we’re managing around the available funds.”
Jakati added that Al Mana Exchange had recorded a 15% year-on-year growth in 2017. Similarly, Trust Exchange witnessed a 20 to 25% growth in remittance outflow last year.
