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Qatar imposes additional restrictions on First Abu Dhabi Bank

Qatar Central Bank [File photo]
Qatar Central Bank [File photo]

The Qatar Financial Centre Regulatory Authority (QFC) said yesterday that it had imposed additional restrictions on the First Abu Dhabi Bank (FAB) for failing to provide documents related to the investigation of the 2017 currency manipulation.

QFC explained in a statement that the new restrictions come “because FAB continues to fail to satisfy the Regulatory Authority of its fitness and propriety in respect of its conduct in the QFC”.

The new restrictions prevent the UAE bank from providing any additional services to its customers in Doha, the QFC said in a statement.

In March the QFC prevented the bank from providing services to new customers, but allowed it to continue serving its current customers.

Since 2018, Qatar has been investigating the manipulation of riyal exchange rates, which fluctuated during the first months after Saudi Arabia, Bahrain and the UAE imposed a blockade on Qatar in June 2017.

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