10 Jul 2017 – 2:49
Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saoud Al Thani said the country’s economy will be able to fully withstand any financial shocks brought on by the dispute in the Gulf, and welcomed outsiders to investigate its accounts and money flows.
“We’re not guilty,” the Governor told CNBC in an exclusive interview yesterday. He referred to the accusations placed by other Arab nations that accuse Qatar of supporting terrorism.
“We have no challenges, we welcome those to review all our books, they are open,” he added.
“Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists ,” Al Thani said. “We work with the IMF (International Monetary Fund) and other institutions to establish our laws and audits and reviews.”
The QCB Governor told CNBC that while the bank has noticed money outflows from some non-residents, the size of them wasn’t particularly significant.
“There is more money coming in,” he said, confirming that inflows are exceeding the outflows.
Speaking at the bank’s headquarters in Doha, he said that the Qatar Central Bank had $40bn in cash reserves plus gold. In addition, the Qatar Investment Authority has $300bn in reserves that it could liquidate, he said. He also spoke of long-term contracts in the gas and oil sectors that were not seeing any disruptions.
“This is the credibility of our system, we have enough cash to preserve any kind of shock,” he said.
“So we don’t believe that there is anything to worry about at this moment. What I can say is that our environment is proof to anybody that we are first of all solid, strong and resilient against any kind of shocks,” he added.
Source : The Peninsula