11 July,2017 09:10 AM IST | Dubai | Agencies
Qatar has $340 billion in reserves that could help the Gulf country to weather the isolation by its powerful Arab neighbours, central bank governor Sheikh Abdullah Bin Saoud al-Thani said
A map of Qatar
Qatar has $340 billion in reserves that could help the Gulf country to weather the isolation by its powerful Arab neighbours, central bank governor Sheikh Abdullah Bin Saoud al-Thani said.
"This is the credibility of our system, we have enough cash to preserve any... kind of shock," he said.
Al-Thani said the central bank has $40 billion in reserves plus gold, while the Qatar Investment Authority sovereign wealth fund has $300 billion in reserves that it could liquidate.
Qatari stocks have weakened and the riyal has been volatile in the spot market since Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism. Doha has denied these allegations.
