Qatar - Foreign remittance and currency exchange play a key role in an economy. Exchange houses which carry out facilitation of foreign remittances and currency exchange help keep the economy going.

Expatriate worker remittances account for the lion share of foreign exchange earnings of many developing countries which has a sizeable number of its work-force employed overseas.

Besides worker remittances make a noteworthy contribution to the GDP of a state having trickle down effects on trade expansion, employment creation and livelihood development.

According to officials at exchange houses in Qatar the number of remittances and exchange transactions has grown remarkably since the start of the holy month, a time for celebration and gift-giving.

“There has been a sharp increase in the number of remittances accounting for around 600 to 700 and exchange transactions around 200 a day,” said Rilwan Abdul Khader, Branch Manager Al Zaman Exchange, Lulu Hypermarket, D-Ring Road.

Qatar is home to a large number of expatriates whose hard-earned money is remitted to loved ones and dependents back home. The gulf region accounts for a major component of the global expatriate working community.

Expatriates amount to around 85 percent of the population in Qatar which is estimated to be around 3.04 million according to recent statistics.

A proper and speedy facilitation of remittances is important to meet the purpose of working abroad to earn enough money to support the family and other dependents.

Officials at exchange houses in Doha said the number of remittances has been higher during the month of Ramadan than exchange transactions which have increased by around 15-20 percent since the start of the holy month.

"Exchange transactions have not been so high as remittances which have increased by several fold in the recent weeks,” an official at Lulu Exchange Co. D-Ring Road said.

Around 200 exchange houses operate in Qatar facilitating foreign remittances and exchange transactions round the clock.

“We are happy with the services offered by the exchange houses in the country making it easy to conduct businesses and get on with the daily chores,” Rizwan Ahamad, a customer at Al Fardan Exchange at the Old Airport, Doha said.

Exchange houses facilitate the exchange of different currencies with one or more currencies and assist in processing credit card and utility bill payments.

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