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Qatar Central Bank announces new measures to insure deposits

: Monday, August 04 - 2014 @ 01:52

The Qatar Central Bank (QCB) recently announced new measures to strengthen the regulations governing the banking and insurance sectors and financial markets, Al-Shorfa has reported. The measures, intended to enhance economic growth and develop Qatar’s financial sector, include the introduction of a mechanism to insure customer deposits in Qatari banks. “QCB is the party concerned with ensuring the stability of the banking system, and thus the implementation of a mechanism to insure deposits will protect the rights of customers from any financial shocks that may arise,” said Qatari businessman Ahmed Hussein Al-Khalaf. Abdul Aziz Al-Emadi, former chairman of the Qatar Chamber of Commerce and Industry, also welcomed the new mechanism, saying it is a helpful step that will enhance financial stability. QCB’s decisions over the last 20 years have helped boost confidence in the banking system and attract more investors to the Qatari market, Al-Emadi told Al-Shorfa.

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Monday, August 4- 2014 @ 1:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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