Remittance outflow from Qatar increased in the first half of 2016, figures from exchange houses here revealed.

Citing a 2016 World Bank report, Qatar-UAE Exchange country head Mathai Vaidian told Gulf Times on Monday that Qatar and Saudi Arabia account for around half of remittances from GCC states.
“We, too, have witnessed our outward remittances from Qatar to the rest of the world strengthening year-on-year. Our remittances volume in H1 2016 is almost the same compared to the same period last year,” he said.
Al Mana Exchange senior manager Anand P Jakati added: “We have also experienced growth in remittances from Qatar in the first half of 2016. June was a very good month for us, as well as in March due to the increase in the middle class population.”
Similarly, finance manager Santhosh Kesavan said Al Zaman Exchange recorded a spike in remittance outflow from Qatar in the first six months of 2016, with remittance volume increasing around .5% over the same period last year.
“The total volume is based on the number of transactions. In this regard, the most number of transactions during this period came from India. While it may not be a significant increase, it is a good sign considering the current economic situation, but we were still able to record a good volume of business during this period,” he said.
The top countries aside from India, according to Kesavan, include Nepal, the Philippines, Pakistan, Sri Lanka, Bangladesh, and Egypt.
This was echoed by Jakati, who said the major portion of Al Mana Exchange’s remittances went to South Asian countries: “Around 60% went to India then to Nepal at 14%, followed by the Philippines (12%) and Sri Lanka (7%).”
Conversely, Vaidian said the Philippines topped Qatar-UAE Exchange’s list of recipients among South Asian countries, followed by India. “The UAE, Bangladesh, Nepal, Jordan, Egypt, and Pakistan are the other largest beneficiaries of remittances originating from Qatar,” he noted.
In the past six months, Kesavan said June posted the “highest growth” because of Ramadan, which also coincides with the period when many Qataris and expatriates go on vacation.
Vaidian said: “The holy month of Ramadan showed a spike in remittances in the first half due to the sentiments of giving and compassion associated with the occasion.
“Transactions to the Arab corridor during the first 15 days of Ramadan in 2016, as compared to the same period in 2015, showed a 10% spike. Expatriates also took advantage of the favourable exchange rates due to the weaker South Asian currencies against the stronger dollar, spiking remittances,” Vaidian explained.
On the other hand, Kesavan said the buying and selling of foreign currencies dropped 14% in the first half of the year compared to the same period in 2015, citing “local and international economic factors.”
“But after this Brexit, a little growth is showing for both the British pound and the euro last month and slightly this July,” said Kesavan, referring to the June 23 referendum where the UK opted to leave the European Union.
Vaidian also said: “Remittances witnessed an eight-fold increase compared to our average on a regular business day post the Brexit announcement, while there was a marginal increase in foreign exchange.
“This was not surprising as travellers were bound to purchase due to the onset of holiday season, yet the weaker pound came as good news for those planning their trip this summer.”