Expats hit as Qatar exchange houses run out of dollars

Shortages of US dollars hit money exchange houses in Qatar on Sunday, making it harder for worried foreign workers to send money home, as foreign banks scaled back business with Qatari institutions because of the region's diplomatic crisis.

?We have no dollars because there is no shipment or transportation from the UAE. There is no stock," said a dealer at the Qatar-UAE Exchange House in Doha's City Center mall. "The shipment is blocked from the UAE."

Several other exchange houses in Doha also said they had no supplies of dollars. At Qatar-UAE Exchange, dozens of people - some of the foreigners who comprise nearly 90 per cent of the population of 2.6 million - waited quietly in line to change money or make remittances to their home countries.

"I spoke with my wife this morning. She said, 'Send your savings to me now.' I am not panicked but my family are scared," said John Vincent, an air-conditioning repairman from the Philippines.

"I sent 2,000 riyals ($550) home but I have some more savings left here in Qatar. I will see what the situation is in coming days before I decide what to do."

The dollar shortages show how the diplomatic crisis is disrupting parts of the financial system of a country, which is one of the richest states in the world per capita. - Reuters

Source: Khaleej Times