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Thursday, 27 July 2017

Foreign Bank Deposits in Qatar Fall Most Since 2015 on Spat - Bloomberg

Foreign Bank Deposits in Qatar Fall Most Since 2015 on Spat - Bloomberg:

"Foreign deposits at Qatar’s banks fell the most in almost two years last month as customers withdrew funds following a diplomatic row with four Arab nations led by Saudi Arabia.

Non-resident deposits with the 18 lenders in the world’s biggest liquefied natural gas exporting nation dropped 7.6 percent to 170.6 billion riyals ($47 billion) in June from a month earlier, according to data posted on the Qatar Central Bank’s website on Wednesday. The decline is the biggest since November 2015, the data show. Overall deposits climbed 1.1 percent in June helped by a jump in domestic funds.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar on June 5, accusing it of supporting extremist groups. Qatar denies the charge and says the move was an attempt by Saudi Arabia to impose its will on smaller nations in the Gulf. Qatar Investment Authority, the country’s sovereign wealth fund, has placed billions of dollars in deposits in local banks since then to shore up liquidity and soften the blow, people familiar with the development said last month.

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