Qatar’s banking sector 'very stable' and on solid footing: Dr al-Shaibei

Qatar’s banking sector 'very stable' and on solid footing: Dr al-Shaibei:

Qatar’s banking sector is now very stable and on a solid footing thanks to QCB’s prudent policies, said prominent Qatari banker and CEO of Qatar International Islamic Bank Dr Abdulbasit Ahmad al-Shaibei.

“Whenever the dollar rates go up, the QCB will have to consider increasing their rates, because the riyal is pegged to the dollar. Qatar Central Bank is ensuring there is no big gap between dollar and riyal rates and is properly tracking the dollar rates,” Dr al-Shaibei said in an interview with Gulf Times.

Dr al-Shaibei said a careful look at the balance sheet of Qatari banks will show that the costs of the funds are going up because of the increasing dollar rates.