Qatar stands up to Saudi, says not worried as it has $340 bn in reserves
Qatar has booked reserves of $ 340 billion, including sovereign wealth assets that could help Gulf countries overcome isolation by their powerful Arab neighbors, central bank governor Sheikh Abdullah Bin Saud al-Thani told CNBC .
“It is the credibility of our system, we have enough money to keep any kind of shock,” he said, told the news channel in an interview published Monday on its website.
Al Thani said the central bank had reserves of more than 40 billion dollars in gold, while the Qatar Investment Authority has 300 billion in reserves could liquidate.
Stocks declined Qatar and riyal was volatile in the spot market as Saudi Arabia, the United Arab Emirates, Bahrain and Egypt broke diplomatic relations with Qatar and transport June 5, which accuses of supporting terrorism. Dona denied the allegations.
“Qatar has already had a unique and exclusive system. We have established laws against all these types of terrorists,” Thani told CNBC. “We work with the IMF and other institutions to establish our laws, our audits and reviews.”
“We have no challenges, we welcome all those who study our books are open,” he added.
Al Thani said that although the central bank has seen some nonresident outlets, the amounts were not particularly significant.
“There’s more [money],” he said, confirming that the tickets outweighed the departures.
He said that long-term contracts in the oil and gas sectors showed no change.
The rating agency Moody’s Investors earlier this month has changed the outlook for Qatar’s credit rating from stable to negative citing economic and financial risks stemming from the ongoing conflict between Qatar and Saudi alliance.
Despite the fundamentals of the market, economists say Qatar’s largest global exporter of liquefied natural gas has taken a number of measures, including expected increases in gas production and new transportation routes to deal with the crisis.