Qatar has been selling as much as US$1.1 billion (Dh4.04bn) in treasury bills each month since May as it strives to be the first GCC state to develop a local currency debt market.
"Qatar does not need to raise funding but having a treasury-bills market can help build bonds, manage liquidity constraints and be developed into a broader local debt market to allow corporates and even financial institutions to raise local currency money from local markets," said Simon Williams, the chief Middle East and North Africa region economist at HSBC.
"It's something the region is clearly in need of and whoever pushes ahead with first will have a significant advantage over competitors in the region."
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