Expats sent some QR32.3 billion ($8.87 billion) home last year, the equivalent of about 5 percent of Qatar’s 2011 Gross Domestic Product, according to a new Qatar Central Bank report.
Though remittances to Asian countries jumped from 50 to 60 percent last year, the total amount of money that left the country is down 3 percent from 2010.
That’s partly because remittances to Gulf countries dropped from 20 percent to 12 percent, the Financial Stability Review 2011 states.
But that’s still chump change when compared to the business conducted by Qatar’s major banks.
Gulf Times reports:
“Due to the nature of their business, exchange houses appear to pose limited threats to financial stability,” the review said.
The total amount due to banks from exchange houses comprised less than 10% of their total assets. Some 20 exchange houses were operating in Qatar with assets equal to QR913mn, comprising around 0.1% of banking assets.
Here’s the full report:
Credit: Photo by Patrick Gage