Qatar banks remain stable amid global financial crisis

October 8th, 2008 - 7:18 pm ICT by IANS  

Dubai, Oct 8 (IANS) Banks in Qatar remain stable in the face of the global financial crisis with that country’s central bank ready to provide liquidity to banks if needed, a senior government official has said.Sheikh Fahd Bin Faisal Al-Thani, deputy governor of the Qatar Central Bank (QCB), told the state-run Qatar News Agency that instructions issued to banks by the central bank have had significant effect on enhancing the financial stability of the Qatari banking apparatus.

While praising the stable financial situation of all banks under the QCB, he said the central bank would spare no effort to provide banks with required liquidity if needed.

Periodic examination of special data showed that banks working under the supervision of QCB were lying within the normal limits and enjoying a high financial cover.

According to Al-Thani, officials of banks in that Gulf nation have assured QCB about the strength of their banks’ stability, and that they had no assets with any of the banks or companies that were declared bankrupt in the US and Europe led to the global turmoil.

The strength of the financial situation in Qatar and the powerful growth achieved by the Qatari economy over the past five years, have had their direct impact on the protection of banks from the international financial crisis, the QNA report quoted the official as saying.

He said the vast opportunities available for domestic investment opened areas for the operation and investment of monies, and added this spared local banks the search for foreign investment, except in small amounts.

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