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Qatar’s local exchange market recovers due to increase in tourist numbers

Foreign exchange currency transactions grew by almost 15 per cent during August

Qatar’s local exchange market witnessed a growth in the volume of transactions, underpinned by the current summer season, say experts.

The growth in the volume of transactions came despite a large number of residents travelling outside the country before and after the holy month of Ramadan to spend their annual leave, reports Qatar-based Alarab.

Foreign exchange currency transactions grew by almost 15 per cent during the month of August, due to the increasing tourist activity in the country, especially from the Gulf Cooperation Council (GCC) states. The increase coincided with the festivals and summer events organised by the Qatar Tourism Authority.

Currency exchange accounted for the largest share of transactions at exchange centres in Doha, as the majority of visitors prefer to deal in Qatari Riyals in Qatar, rather than currencies of their country, to take advantage of the price difference.

According to Qatari officials, in addition to tourists, citizens who changed their currencies to the dollar, euro or other currencies contributed to the growth of foreign currency exchange activity.