As tensions between Gulf states and Qatar are getting severe with every passing day, Pakistani money changers/currency exchanges have put a pause of buying and selling of Qatari Riyals.
According to ARY News report most of the currency dealers in Pakistan, especially Rawalpindi’s prominent currency market at Mall Road Saddar Rawalpindi have refused to exchange Qatari Riyals
Money changers have started this activity few days back when Saudi Arabia and UAE suspended their flights to Qatar and vice versa.
This development is creating chaos for the families in Pakistan and expats in Qatar who are currently working there. It is the month of Ramadan and Eid-ul-Fitr is approaching soon, Expats who send remittances for their families in Pakistan are unable to exchange money into Pakistani Rupees.
It openly started back on Monday when Saudi Arabia, UAE, Egypt and Bahrain started boycotting Qatar by all political means. They stopped air, see and land routes to Qatar, their diplomats were expelled from their countries and Qatari residents in other gulf countries were given few days to go back to their home country.
Gulf countries also stopped trading Qatari Riyal and the currency is under severe pressure since then, commercial banks have halted Qatari Riyal related operations so far, according to Reuters, the Qatari Riyal fell to the lowest exchange rate against dollar since June, 2016.
It was seen as a regional political unrest in the beginning when the clash escalated but it’s now growing like a cancer in other parts of the surrounding regions, Sri Lanka has recently refused to trade in Qatari Riyals, Singapore also became the part of angry Arabian league and directed their commercial banks to stop exchanging Qatari Riyals.
Moreover, Pakistan currency dealers are now being conscious and decided not to buy and sell Qatari Riyals. It looks it is now going to be more than just a political unrest between few countries.
Countries, families and societies that had any sort of linkage with Qatar whether economic, social or political will all be affected by this damaging escalation.