Doha: Qatar's Money Exchange market has shown a significant growth in 2010 due to the unprecedented economic growth rates and investments, says money exchangers.
"We expect the volume of money transfer to soar in 2011 and the upcoming years. In 2010 money exchange business grew by 26 percent compared to 2009 due to the increase in numbers of customers, qualified services and the expanded businesses," said Jumaa Al Miedady, CEO of Al Dar Exchange Company.
Al Dar Exchange businesses flourished due to the opening of new branches in different areas in Doha, Egypt, UAE, Saudi Arabia, the flow of visitors and expatriate workforce and the expected investments in the mega 2011 World Cup projects, reported an Arabic daily.
"More branches will be opened locally and more agreements will be concluded with regional and international financial institutions to enhance businesses," he said. Al Lary Exchange Company expects the exchange business to grow by 100 percent in the upcoming years. In 2010 exchange businesses grew by 30 percent. Strict measures were adopted to ensure money transfer safety.
"Quick money transfer and home delivery services were implemented in Egypt, India and Philippines and we plans to open the same services in other countries," said Khalid Al Lary, General Manger of Al Dar Exchange Company.
Money exchange companies abide by Qatar Central Bank's directives and guidance and use latest machines and devices to detect money laundering and fake currencies. Egyptian, Sudanese, Lebanese, Yemenite, Syrian, Jordanian, Indian, Filipino, Nepalese, Bengali, and Pakistani communities top money exchange customers. US dollar, euro, sterling and Saudi riyal, are the most frequented currencies in the money exchange market.
© The Peninsula 2011
