To finance travel and transfers abroad.. Eid Al-Fitr revives the exchange markets


With the advent of Eid Al-Fitr, exchange companies are witnessing a boom and a great turnout from citizens and residents wishing to buy foreign currencies for the purpose of traveling for vacation outside the country, as well as from residents who are keen to transfer money to their families to bring happiness to them and help them with Eid expenses, as the great turnout drives companies Exchange to operate at full capacity and increase working hours, to meet the needs of its customers.
A number of owners and officials of exchange companies expected that exchange companies would achieve great gains in the Eid Al-Fitr season, pointing out that Qatar, through its solid economy, is an ideal and attractive environment for job seekers, especially in light of the availability of various, multiple and safe channels to send money abroad, Exchange and transfer operations to and from the State of Qatar are on the rise, in addition to the increasing demand for foreign currencies.
For his part, Jumaa Al-Maadadi, CEO of Al-Dar Exchange Company, said that the Eid Al-Fitr holiday greatly revives the exchange markets, noting that exchange companies witnessed a great turnout during the past few days from citizens and residents who buy foreign currencies for the purposes of traveling for vacation outside the country, or residents. Those who transfer money to their families to celebrate Eid.
He added that there are two Gulf currencies that increased the demand for them during the few days preceding Eid Al-Fitr, namely the Saudi riyal and the UAE dirham, as the demand of citizens and residents to buy these two currencies increased by between 50 and 60 percent in order to travel to these two brotherly countries during the Eid holiday, in addition to To the significant increase in demand for the single European currency / euro / and the pound sterling.
With regard to the destinations of remittances sent from the State of Qatar abroad, the CEO of Al Dar Exchange Company indicated that India and Nepal come at the forefront in terms of the number of remittances sent abroad, in addition to many other Asian countries and Arab countries.
For his part, Ahmed Al-Sarraf, CEO of the Gulf Exchange Company, confirmed that the demand for buying foreign currencies doubled during the few days preceding Eid Al-Fitr, especially with the start of the holiday, as the demand usually increases in Eid Al-Fitr and Al-Adha and with the approaching season of annual holidays, for what accompanies such These occasions lead to an increase in travel abroad, which revives the exchange sector in Qatar.
He pointed to the increase in demand for the US dollar during the days preceding Eid, to record the most demanded currency, followed by the single European currency (the euro) and the pound sterling, in addition to many Gulf, Arab and Asian currencies.
He also attributed the recovery of the exchange sector to the strong and active return of the global tourism sector after the end of the Corona Virus (Covid-19) pandemic and the lifting of restrictions and procedures that were imposed to confront it, as well as the large increase in travel trips to perform Umrah during the holy month of Ramadan, which increased the demand for various foreign currencies. compared to the same period in previous years.
Regarding the most important destinations for remittances abroad, the CEO of the Gulf Exchange Company explained that a number of countries in South and Southeast Asia, the Middle East and Africa, accounted for the largest share of the total remittances that took place during the past few days, indicating that remittances for Asian workers It is close to half of the total transfers in general, followed by transfers to Arab and African countries.


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