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.
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