Exchange Companies In Isolated Areas Stagnant

Exchange companies witnessed in more than one area congestion with the end of the total ban period, the situation was different in the areas which were under isolation (Farwaniya, Khaitan, Hawalli, Jleeb Al-Shuyoukh and Mahboula) as workers in these areas are waiting for isolation to be removed and go back to their work, also due to factor how long the isolation will continue has kept them away from sending money to their families.

In the first two days since the exchange companies were allowed to operate on June 2, large queue was witnessed outside exchange companies, but it did not last long, due to the lack of savings owned by the majority of the expats there, mainly because of their companies had stopped operating and workers had little savings to spend on their needs for food and paying rents for their apartments.

Number of exchange shops, and the manager of the exchange branch in Farwaniya in the Bahrain Exchange Company, Hani Rafael, said, “As you can see, the majority of exchange shops suffer due to lack of activity since they were allowed to resume their activities, except for the first two days of the opening, where most of the shops witnessed a recovery. At one point, wondered during recession where do people come from with surplus funds to transfer at a time when the majority suffer from job losses.”

“There is a large sector of Farwaniya expats who work on daily wages this group has not made even one dinar since the beginning of the crisis, specifically since the imposition of the partial ban and then the total and finally regional isolation,” he expected, the shops will recover after people join their businesses and receive their salaries.

He explained that the savings owned by people are not enough for them until the ban is lifted, especially after they stopped working, so they are forced to keep them and not transfer them during the current period, which reflected negatively on the remittance market, hoping that the isolation situation will not last long enough.

 

SOURCE : ARABTIMES

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