Qatar money changers facing shortage of US dollars

Dhaka,  Mon,  25 September 2017
Published : 18 Jun 2017, 11:51:14

Qatar money changers facing shortage of US dollars

FE Online Report
Many foreign exchange houses in Qatar are facing shortage of US dollar as customer demands increased sharply while shipments were disrupted, according to Doha News

The short supply of US dollar comes to the surface within a week after Saudi Arabia, United Arab Emirates and Bahrain severed diplomatic ties with Qatar and closed their air, land and sea borders with the country. 

The uncertainty over the situation has spurred some residents to exchange their riyals for US dollars in recent days.

However, Qatar’s Riyal has been pegged at around 3.64 to the dollar for years and analysts say this is unlikely to change.

Even if the situation deteriorates, Qatar can use its massive reserves of foreign assets to support their currency, said experts.

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