Remittances by expatriates are estimated to have reached QR33bn ($9 billion) during the first six months of 2013, say analysts from the industry.
"As a result of the growing expat population and accelerated economic activities in the country, there is a high demand for exchange services. Remittances are expected to grow over 20 percent by the year-end," Issam Al Najjar, Director of Emtethal, was quoted as saying by Al Sharq.
Emtethal said that during the last 10 days of Ramadan there was high demand for dollar, euro, Saudi riyal and other currencies and his company had to extend its timings to 10 hours to cope with the rush.
"We are going to open more branches across the country as demand for safe electronic money transfer, especially to Asian countries such as India, the Philippines and Nepal, is on the rise due to the increasing number of workers from these countries here," he said.
As work on 2022 World Cup-related projects is picking up momentum, more workers are coming here, pushing up all kinds of services, including money transfer.
"Given the rush and long waiting time at money exchange windows, customers are demanding an electronic token system to speed up transactions," said Joseph Antu, Director of Habib Exchange Co.
Figures show that remittances have been growing steadily over the past several years, more than doubling since 2007, when they totalled QR20.59bn ($5.64bn).
Another industry representative, Fahad Al Abu Ainain, said that keeping in mind the growing demand for remittance services, his company is working to make transactions "quicker and more customer friendly".
India tops the list of 10 largest recipients of remittances from Qatar, followed by the Philippines.
According to Qatar Central Bank statistics, remittances stood at QR47.5bn in 2011 and grew by about 27 percent last year, from QR37.4bn in 2010.
"About one month ago, I borrowed money from a friend and sent it home at the rate of QR1=15.35 to take advantage of the weaker rupee. But today, when the rupee has further depreciated against the dollar (QR1=16.70), it is clear I have lost some hundreds in the transaction," said Syed Nurullah, an Indian worker.
He said that with the volatile rupee-dollar rate, if there is no investment opportunity, it is wise to park the savings in Qatari banks rather than sending the money home.
"Unless I have investment opportunities in India, I would always prefer to keep my savings in Qatari riyals, as it is pegged with dollar… If the rupee does not recover in the coming days, I will never recoup my loss," he said.
According to reports, remittances were made to 190 destinations across the world by 2011-end.
Exchange firms continue to dominate the remittance business, with a two-thirds market share.
The Peninsula
11 August
