“QATAR'S BANKING SECTOR RESILIENT”
Qatar Central Bank Governor Sheikh Abdulla bin Saoud Al Thani has said that the country's banks are capable of withstanding the pressure of the blockade imposed by other Arab states after Fitch Ratings lowered Qatar's credit rating by one notch to AA-minus with a negative outlook. Earlier, Moody's and Standard & Poor's had also downgraded Qatar's rating.
In an exclusive interview with QNA, Al Thani said the banks are highly solvent and profitable. The deposits in the banks are in excess of QR39.3 billion. On the decision of Moody's lowering the credit rating of Qatari banks, Al Thani said that the current geopolitical risks were a big factor in the agency's decision. QCB believes the agency will amend that change in the near future.
In terms of banking regulations, the central bank is strictly following international standards, especially in capital adequacy and liquidity. In addition, QCB has taken precautionary measures in the face of the negative impact of the embargo.