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Qatar Central Bank Has Enough Reserves To Support Riyal

Photo: The Peninsula

Qatar Central Bank has said that it has plenty of reserves to support riyal and achieve its monetary policy goals, said Central Bank Governor H E Sheikh Abdullah bin Saud al-Thani.

Sheikh Abdullah who was speaking at the international business conference said that the economy was strong despite siege on the country, adding that inflation was stable and infrastructure projects will be completed on schedule.

Number of speakers stressed on the measures taken by the government to support the growth and development of economy.

QNB Group Chief Executive Officer Ali bin Ahmed Al Kuwari explained that there will various new investment sectors to support self-sufficiency like 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.

He also highlighted 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 also noted the positive expectations of the banking sector in the coming period.

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