Umrah pilgrims exchange at least SR11 million in foreign currencies daily at 15 licensed moneychangers operating around the Prophet’s Mosque, said Majed Al-Lehaibi, a supervisor at a leading moneychanger in the city.
“The euro and US dollar topped the list of foreign currencies exchanged at broker stalls in Madinah during the current Umrah pilgrimage season because they remain strong against economic volatility and maintain a steady exchange rate against the Saudi riyal, unlike most other currencies,” he said.
“The Egyptian pound, Iranian rial and Turkish lira are also in high demand,” he said. “The volume of trade in currencies this season is as vigorous as it was last season. The number of licensed moneychangers trading around the Prophet’s Mosque are sufficient to meet the demands of the city’s pilgrims and residents.”
Moneychangers are licensed by the Saudi Arabian Monetary Agency and other departments
“None of these establishments can operate without a license thanks to strict surveillance,” he said. “The increase in electronic transactions has not affected business on the ground since cash remains in high demand in both Makkah and Madinah.”
“Profits largely depend on the difference between buying and selling prices,” he said. “Experienced workers and state-of-the-art electronic devices intercept counterfeit bills. Only one fraud attempt was intercepted in a single month compared with one attempt every two days during busy seasons such as Ramadan and Haj. Even then, fraudsters were immediately referred to the anti-fraud unit and arrested.”
Abdul Rahman Al-Harbi, another moneychanger, said that the euro, the Turkish lira, the Indonesian rupiah and the Malaysian ringgit are in demand in the ongoing Umrah season.
“A significant number of pilgrims keep their money in euros because its value against other currencies is always on the rise,” he said.
“It is mostly Moroccans, Egyptians, Malaysians, Turks and Iranians who seek our services during the current Umrah season,” said another exchange broker.
Source: ArabNews
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