Qatar Fund Brings $20 Billion Home to Help Banks in Boycott - Bloomberg

Qatar Fund Brings $20 Billion Home to Help Banks in Boycott - Bloomberg:

"Qatar’s sovereign wealth fund has repatriated about $20 billion to help support the country’s banks and ease the impact of the ongoing Saudi Arabian-led boycott. The Qatar Investment Authority, which has about $320 billion of assets, placed the funds with local lenders after the diplomatic crisis started, according to the country’s latest bond prospectus, a copy of which was seen by Bloomberg. The cash injection came as almost $30 billion of non-resident deposits left Qatari banks, the document shows. Qatari banks, already stretched by financing demands of the $200 billion 2022 World Cup, took a blow from its neighbors’ abrupt decision to cut ties in June. Qatar, the world’s biggest exporter of liquefied natural gas, relies heavily on foreign cash and foreign deposits -- especially from the six-nation Gulf Cooperation Council."



'via Blog this'