Qatar Central Bank says it has plenty of reserves to support riyal

 06 Dec 2017 - 12:25

Qatar Central Bank says it has plenty of reserves to support riyal

Agencies

DOHA: Qatar Central Bank has plenty of reserves with which it can support the riyal and achieve its monetary policy goals, Central Bank Governor H E Sheikh Abdullah bin Saud al-Thani said on Wednesday.

Speaking at an international business conference, Sheikh Abdullah also said the economy remained strong despite the blockade of Qatar by four other Arab states, and that inflation was stable. Infrastructure projects will be completed on schedule, he added.

A number of speakers at a panel discussion held on the sidelines of the sixth edition of Euromoney Qatar Conference, highlighted the measures taken by the Qatari government to support the development and growth of the economy, which gave it to ability to overcome the possible repercussions.

QNB Group Chief Executive Officer Ali bin Ahmed Al Kuwari said that there will be several new investment sectors to support self-sufficiency such as transport and logistics besides benefiting from the increased activity at Hamad Port, in addition to food production, tourism, and LNG production so as to support the proposed increase of 30 percent in gas production.

The QNB Group chief executive officer stressed the strength of the Qatari financial and banking system, pointing to the achievement of 12 percent growth rate in banks this year compared to 2016.

Al Kuwari added that the banks managed to achieve an increase in profits, deposits and loans, in addition to the rise in the level of capital adequacy to record levels at 16.1 percent, which represents the highest global rates. He pointed also to the positive expectations of the banking sector in the coming period.