The QCB Stresses Its Commitment To Provide Adequate Foreign Currencies for Investors, Institutions

November 26, 2017

An official source at Qatar Central Bank stressed the commitment by QCB to provide all requirements of foreign currencies at the official exchange rates for investors including local and foreign individuals and institutions.

This came after media reports said that the MSCI is considering a proposal to apply offshore rates of the Qatari Riyal instead of the official exchange rate in respect of financial transactions. The source said that there are no restrictions on all banking transactions including transfers, stressing the free movement of money transfers into and outside the country at the official exchange rates, which the QCB announces on daily basis.

The sources also underscored that the QCB has much more than the required foreign reserves to cover all investors’ requirements.

He added the QCB is coordinating regularly with all banks and financial institutions to follow up banking operations and ensure the processing of all procedures and transactions as normal.

In view of the QCB’s announcement and subsequent actions, the QSE believes that the concerns expressed by international investors have now been addressed and that this will result in a positive decision by MSCI Inc. on the use of the official rate and maintenance of the status quo.