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Tuesday, 24 November 2009 16:28 UAE time

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Qatar seeks to support its financial markets

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 29 June 2009
STOCK SUPPORT: Qatar could bring in new measures to support its financial markets. (Getty Images)
STOCK SUPPORT: Qatar could bring in new measures to support its financial markets. (Getty Images)

Qatar could introduce new measures to help support its financial markets amid the global downturn, its central bank governor said on Monday.

“I think there is more in our plan to stabilise and to make the financial market and industry more stable and sound,” Al Thani said in an interview with Bloomberg at a central bank governors meeting in Basel, Switzerland. He did not say what measures would be taken.

In May, Qatar said that it would buy back real estate investments worth as much as $4.1bn from local banks.


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“What we have been doing is a precautionary plan,” Al Thani told the newswire. “There are a lot of measures to make the financial assets and real estate more sound, so that the banks can act freely and lend freely.”

He added that some Qatari banks hold loans from the Saudi conglomerate, Ahmad Hamad Algosaibi & Brothers Co, whose Bahraini banks has defaulted and which reportedly owes $9.bn to more than 100 banks.

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