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With the Qatar dollar, the use of credit cards for purchases in foreign currency falls 20%

With the Qatar dollar, the use of credit cards for purchases in foreign currency falls 20%

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Qatar dollar: how much credit card operations fell

According to First Capital Groupcredit card operations in general terms, closed October with a total amount of $1,879,365 million, which means an increase of 4.6% compared to the end of last month, some $82,238 million above September and also below expected inflation.

If the year-on-year growth is analyzed, it can be seen that it reached 66.6%, and in this case it did not reach the inflation levels for the period, consequently throwing off a drop in the portfolio in real terms.

As for the dollar credit cards, registered an interannual increase of 69.3%, although with an irregular monthly behavior. In October there was a decrease of 19.9% ​​compared to the previous month. “The limitations on the use of the card for purchases in installments and the higher taxes on the exchange rate to be used have acted as a powerful brake on the use of plastic abroad and the values ​​of the portfolio are well below the balances that reached before the pandemic¨, he concluded.

According to the latest report of the Exchange balance of the Central Bank, the outflow of dollars for ticket payments and card expenses exceeded 700 million dollars. In September, 726 million left the country. There it is also recorded that the services account has been posting a deficit of 1,075 million during the year. The Qatari dollar came to improve the situation in October, but a greater fall in November and December is not ruled out, which undoubtedly seems to have managed to amortize the outflow of foreign currency.

Source: Ambito

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