Qatar Central Bank Governor has revealed that the country currently has $340 billion in reserves including holdings of its sovereign wealth fund and that it is enough to fully withstand the Gulf crisis shock.
Speaking with CNBC Sheikh Abdullah Bin Saoud al-Thani said that the billions of dollars in reserves is a proof of the credibility of Qatar’s 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 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 United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism. Dona has denied these allegations.
“Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists ,” al Thani told CNBC.
“We work with the IMF (International Monetary Fund) and other institutions to establish our laws and audits and reviews.”