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Qatar Central Bank: we foiled attempt to hurt Riyal

December 13, 2017 at 4:31 am

Qatar’s Central Bank Governor, Abdullah bin Saud al-Thani said, Tuesday, that his country has foiled plots aimed at manipulating the Qatari riyal.

“We have succeeded in achieving our objectives of maintaining financial and banking stability and the riyal exchange rate” Qatar News Agency reported al- Thani as saying.

He pointed out that the past period has shown the strength of loyalty, solidarity, unity and pride enjoyed by the Qatari people and the extent of their solidarity and support for the Emir of the country.

Abdullah said the Qatari economy remained strong despite the embargo, pointing out that inflation is stable.

Some countries including the UAE are reported to have tried to hurt the Qatari riyal by buying Qatari bonds abroad and selling them at a lower price.

Central banker: Financial war against Qatar is ‘mutually destructive’

Foreign currency reserves, sovereign fund investments and gas revenues have contributed to maintaining financial stability despite an embargo imposed by Saudi Arabia, the United Arab Emirates and Bahrain against Doha.

The central bank announced that its foreign exchange reserves have increased in October by more than half a billion US dollars.