Slowing outflows let Qatar wind down bank support operation in Oct-data | ZAWYA MENA Edition

Slowing outflows let Qatar wind down bank support operation in Oct-data | ZAWYA MENA Edition:

"Slowing withdrawals of deposits from Qatari banks permitted Qatar's government to stop pumping money into the banks last month to shield them from sanctions imposed by other Arab countries, central bank data showed on Tuesday. Banks and investors from Saudi Arabia, the United Arab Emirates, Bahrain and Egypt began pulling deposits and other funds out of Qatar in June, when those four states cut diplomatic and trade ties with Doha. The deposit outflow initially put the balance sheets of some Qatari banks under pressure, and the government responded by injecting billions of dollars of its own money into accounts at the banks. Much of the money came from the country's sovereign wealth fund, the Qatar Investment Authority (QIA). "



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