UPDATE 1-Qatar deposits $6.9 bln in banks in July to offset crisis outflows

UPDATE 1-Qatar deposits $6.9 bln in banks in July to offset crisis outflows:

"Qatar's government deposited nearly $7 billion in the local banking system during July to offset a pull-out of funds by banks from other Arab states due to the region's diplomatic crisis, Qatari central bank data showed on Tuesday. Foreign customers' deposits at banks in Qatar - the vast majority in the form of foreign-currency deposits - shrank to 157.2 billion riyals ($43.2 billion) last month from 170.6 billion riyals in June. The rate of decline was roughly the same as in June, when the crisis began. But total deposits at banks in Qatar rose during July, to 772.5 billion riyals from 770.7 billion riyals, because of a $6.9 billion jump in the Qatari public sector's foreign currency deposits, the data showed. That followed a $10.9 billion injection by the government in June."



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