Central bank chief: financial stability during siege major achievement

Qatar Central Bank (QCB) Governor HE Sheikh Abdullah bin Saoud al-Thani affirmed that Qatar’s National Day is a celebration and a reminder to young generations of the work and the sacrifices made by founding generations of the State to achieve national unity. He added that National Day also represents an opportunity for the young generations to learn about heritage and to promote pride in parents and ancestors. The QCB governor said National Day celebrations of this year come during extraordinary circumstances that require highlighting the values that are being celebrated, especially those related to unity and brotherhood.He said that the slogan for this year’s celebrations was well chosen, adding that the organisation of this year’s National Day under the slogan of ‘Promise of Prosperity and Glory’, which stemmed from His Highness the Emir’s insightful vision about the unjust siege imposed on the country. “His Highness the Emir Sheikh Tamim bin Hamad al-Thani saw the benefits that came with the difficulties caused by this siege. Thus, he expressed these words, which were chosen as a slogan for National Day. The past period has demonstrated the strength of loyalty, solidarity, unity and pride in the national identity of the Qatari people. It also showed how Qatari people and residents are united behind their leader His Highness the Emir. Sheikh Abdullah said that Qatar has handled the siege with the highest level of efficiency, adding that Qatar has succeeded in breaking the air, sea and land siege imposed on it through taking quick and wise measures. The most important achievements of QCB during the last period, he said, included the successful realisation of its objectives, especially maintaining financial and banking stability and keeping exchange rate of the Qatari riyal stable despite attempts by the siege countries to destabilise the financial and banking system and manipulate the exchange rate of Qatari riyal.He said the QCB has made a number of achievements including the regulation and supervision of financial institutions, and updating the comprehensive framework of Basel Committee’s decisions on capital adequacy in accordance with Basel 3. He said QCB had inaugurated the digital credit report service for individuals project, which is considered one of the most important tools of credit analysis in banking sector as it helps in deciding the granting of credit and contributes to reducing the credit risk in the banking sector. “Qatar Credit Bureau received the certificate of the International Organisation for Standardisation for quality management system.” Sheikh Abdullah said the central bank has also developed an information security strategy for the financial sector in the country through encrypting the databases and updating the servers of the national payment gateway and associated security standards. (QNA)