By Pratap John
THE appreciation of the dollar-pegged riyal against currencies including Indian rupee and Philippine peso has boosted remittances by expatriates and business at the local exchange houses.
Exchange houses contacted by Gulf Times yesterday said their business had grown by about 40% last month mainly due to weakening against the dollar of Indian rupee and Philippine peso among other Asian currencies.
The exchange firms have also seen higher volumes of business last month in view of Eid-related remittances. Many establishments in the country began disbursing salaries from September 20 on account of Eid al-Fitr.
Indians and Filipinos are among the largest blocks of expatriates living in Qatar.
“Clearly, they are trying to make the best use of a rallying dollar to which the riyal is pegged. They get more now in terms of exchange rates because of the weak currencies back home,” said the general manager of an exchange house. [Read more]
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