MAKKAH — The currency exchange market in Makkah witnessed a 30 percent increase in activity during the past two weeks because of mid-year school vacation. Many Saudi families prefer to spend their vacation in countries such as Turkey, the United Arab Emirates and Egypt. That is why a large number of people prefer to exchange riyals for the local currency of the country they wish to travel to. Adel Maltani, chairman of Makkah currency exchange agents committee, pointed out that the US dollar is the most sought-after currency and the majority of customers, especially expatriates, prefer to exchange riyals for dollars because they usually get more money when they convert dollars into the local currency in their countries. Maltani advised anyone who wants to spend their vacation abroad to exchange riyals for dollars, and then convert those dollars to the local currency of the country they are visiting. By doing so, and especially with large amounts, they will notice a positive difference in the exchange rate, he noted. Speaking about the preparation for Umrah season, Maltani said the market is ready to meet the cash demand from Umrah performers and visitors. The new regulations imposed by the Saudi Arabian Monetary Agency (SAMA) have organized the flow of work in the market and ended all negative practices which unlicensed currency exchange agents used to engage in, said Maltani. He warned that some of those agents whose businesses were shut down because they did not have proper licenses might engage illegally in currency exchange activities. Such activities will negatively impact licensed agents, he said. In a matter of days, thousands of Umrah performers and visitors from all around the world will flock to Makkah. Citizens of GCC countries prefer to visit Makkah at this time of the year because of the school vacations in their countries.
