Cryptocurrency

Qatar withdraws $20 billion in foreign deposits to support its banks

The latest report on Qatar’s bonds showed that Qatar Investment Authority (QIA) had brought $20 billion from abroad to support its local banks.

These deposits are brought back to balance the repercussions of the quadrant boycott on domestic money flows and the liquidity crisis in the country’s banks.

Sources told Bloomberg News that $30 billion of non-resident deposits had left Doha after the boycott decision.

This week, Qatari bankers are meeting with fixed-income investors to issue their first dollar-denominated bonds since 2016.

Qatar Investment Authority (QIA) had sold its entire stake in Veolia Environnement after reducing its stake in Tiffany and Credit Suisse.

This story is also available in Arabic.

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