In a bid to promote economic growth in a sustainable way, Qatar is taking a huge step forward towards building a sound and resilient financial sector with focus on five key objectives by overcoming the unjust siege under the wise leadership of Emir H H Sheikh Tamim bin Hamad Al Thani.
In a move that will help boost the country’s economy, Qatar Central Bank Governor H E Sheikh Abdulla bin Saoud Al Thani launched the Second Strategic Plan for Financial Sector in Qatar (2017-2022).
The new plan is an extension of the first one that started in 2011 and ended in 2016 and was prepared and implemented in coordination with QCB, Qatar Financial Markets Authority and Qatar Financial Center Regulatory Authority.
The five key objectives in the second plan include: strengthening financial sector supervision and regulatory cooperation; developing financial markets and enhancing financial innovation; maintaining integrity of and confidence in the financial system; enhancing financial inclusion and education; and developing human capital.
Qatar Central Bank has taken several measures to support the economy and protect it from regional and global volatility. The monetary policy is also being reviewed time and again in line with the various developments around the globe.
“The development of financial markets will lead to the creation of more opportunities for lending and investment and help transform the economy from a system based on bank financing to the non-bank financing system, which will contribute to the activation of the policy of diversification of the economy and achieve the greatest growth.”
In the field of information security and protection, the QCB Governor said all programs and systems have been updated and the best international expertise in this field has been used. In the area of finance, a number of financing instruments have been introduced in the past period, especially short term instruments and local currency.
Citing human capital as an important element in achieving economic growth, he said: “We reaffirm our focus on and attention to human capital through capacity building, identifying career paths, sponsoring national talent, training and qualifying them for further development and economic growth.”
The Second Strategic Plan has been carefully discussed, verified and formulated to boost integrity and confidence in the country’s financial system and to strengthen the financial sector.
