Doha: The Governor of Qatar Central Bank (QCB) H E Sheikh Abdullah bin Saoud Al Thani (pictured) underlined that the celebration of Qatar National Day is an occasion to commemorate the sincere efforts and precious sacrifices of the fathers, and to remind of the importance of adhering to the principles laid down by the Founder, and the willingness to sacrifice for the sake of Qatar’s pride and defend it against any attempts to undermine its unity or cohesion, which is the path that the wise leadership follows, especially in facing crises.
In a statement to Qatar News Agency (QNA) on the occasion of Qatar National Day, the QCB Governor added that marking this national occasion is also an opportunity to remind the youth of their heritage and the foundations upon which the country was built, which contributes to greatly to consolidating the feelings of loyalty and love to the homeland, encouraging them to maintain the accomplished achievements and exert more efforts for the advancement and progress of the homeland.
The QCB Governor extended heartfelt congratulations to the Amir H H Sheikh Tamim bin Hamad Al Thani, noting that the National Day represents an opportunity for the youth to learn about “the hardship of our fathers and grandparents and the sacrifices they made for the sake of our future and the future of the coming generations, as well as instilling in them the ideals and great hopes upon which the State was built, to follow the same path for the sake of beloved homeland.
The occasion also indicates that the good choice of a wise, courageous and faithful leader who is keen on the interests of his people is the sound basis towards a bright and promising future that guarantees stability, growth, progress and prosperity, as well as overcoming all obstacles and dangers that may threaten our being.”
On the most prominent achievements of QCB during this year in light of its plans emanating from the Second National Development Strategy (2018-2022), and how those plans are proceeding in light of the current challenges, the QCB Governor affirmed that all sectors and institutions in the State, including QCB, are working to achieve Qatar National Vision 2030 through the National Development Strategy 2018-2022.
He noted that QCB undertakes the development and implementation of the monetary policy of the State, the exchange rate policy, and the policies related to regulation, control and supervision of services, business and financial activities in the State, in its capacity as the supreme competent authority and within the framework of the national strategic vision, and in accordance with the best international standards and practices, as defined in the Banks law No. 13 of 2012.
In order to achieve the best harmony between the Bank’s privacy and its participation in the efforts made by the State institutions to achieve Qatar National Vision, the Governor said that the Bank launched the second strategy for regulating the financial sector 2017-2022, which is based on the pillars of Qatar National Vision and meets the aspirations of the financial sector and increase its contribution to the non-hydrocarbon product as a basic goal of economic diversification, in accordance with the directives of H H the Amir.
The financial sector strategy consists of five main objectives concerned with supporting and strengthening supervisory and control issues, developing financial markets, and encouraging financial innovations to enhances the confidence in the financial sector, in addition to human capital development.
He explained that, taking into consideration the global developments, the strategy presented a new strategic goal that deals with issues of financial inclusion and education, noting that achieving the strategys objectives contributed to the success of the precautionary measures taken by the State to confront the COVID-19 pandemic.
He referred to the modernization of the infrastructure of the payments system in the State of Qatar, which has made it easy to transfer funds through electronic platforms, mobile phones and others amidst the COVID-19 pandemic.
In addition to the five strategic objectives included in the strategy to achieve leadership in the financial sector not only in the State of Qatar but at the world level, the Governor continued, the Bank participates in several projects in the Second National Development Strategy 2018-2022, the most important of which are coordination projects between the fiscal and monetary policies aiming at achieving financial stability, given the fact the providing economic stability is a prerequisite for urging investors to undertake long-term commitments to expand the productive base and achieve economic diversification, as well as institutional development projects aimed at modernising and developing secondary markets.
