QND represents the pride in prudent leadership’s policies that helped build profound economic base: QCB governor

HE the Governor of Qatar Central Bank (QCB) Sheikh Bandar bin Mohammed bin Saoud al-Thani has underscored the importance of celebrating Qatar National Day (QND) as an occasion to renew patriotism and pride in national identity.He delivered remarks to Qatar News Agency (QNA) on QND and highlighted that this day is an invaluable opportunity to bolster ethos of unity and solidarity among the people of Qatar across their various spectrums, adding that it is a reminder of the extraordinary milestones the country is making, starting from the founding stage by Sheikh Jassim bin Mohammed bin Thani, up to the achievements of the prudent leadership in bringing stability and prosperity to the State in various fields.HE Sheikh Bandar availed himself of this opportunity to extend assurances of his highest consideration to His Highness the Amir Sheikh Tamim bin Hamad al-Thani on the occasion of QND. He emphasised that the prudent leadership of the State of Qatar has been making utmost efforts, in pursuit of the advancement of the State of Qatar and the pride of its people, with QND being a chance to renew allegiance to continuing the enduring development process the country is witnessing in light of His Highness the Amir’s vision.His Excellency stated that QND carries profound meanings for the people of Qatar as it is not solely confined to celebration, but rather epitomises the ethos of pride in national identity and entrenched traditions that reflect the State of Qatar’s inveterate history. He pointed out that the people of Qatar stand united with their wise leadership and are proud of the achievements that were made at the financial and economic fields, underlining that the State of Qatar aspires to build a bright future that underscores its commitment to sustainability and innovation with an emphasis on safeguarding the inveterate Qatari identity.HE Sheikh Bandar highlighted that QCB achieved milestones in 2024, by launching a plethora of strategies in alignment with the third National Development Strategy and the Qatar National Vision 2030, affirming the third strategy for financial sector would augment Qatar’s economy and financial institutions, in addition to reinvigorating the role of financial sector to offer solutions that protect investors and help growth.In addition, QCB launched the FinTech strategy that gives priority to innovation in financial services to keep up with technological advancements and expand the utilisation of AI, thereby shaping a more advanced future for the financial sector that is capable of converting challenges into opportunities for growth and prosperity.HE Sheikh Bandar elucidated that the consistent growth of international reserves and foreign currency liquidity at QCB reached QR254.2bn in October 2024, recording a growth rate of 4.4% compared to October 2023. The total official reserves of the QCB also saw growth, reaching QR195.2bn in October 2024, with a growth rate of 5.7%, compared to October 2023.He also addressed the strength, resilience, and high flexibility of the banking sector in Qatar, reflected in the capital adequacy ratio, which remains robust, reaching 19.90% at the end of September 2024, compared to 19.20% in December 2023.