Qatar tells CNBC it has $340 bln in reserves, enough to weather sanctions

Qatar's Central Bank in Doha. (Reuters file photo)
Updated 10 July 2017
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Qatar tells CNBC it has $340 bln in reserves, enough to weather sanctions

DUBAI: Qatar has $340 billion in reserves including holdings of its sovereign wealth fund that could help the Gulf country to weather the isolation by its powerful Arab neighbors, central bank governor Sheikh Abdullah Bin Saoud Al-Thani told CNBC.
“This is the credibility of our system, we have enough cash to preserve any..kind of shock,” he told the news channel in an interview published early on Monday on its website.
Al-Thani said the central bank has $40 billion in reserves plus gold, while the Qatar Investment Authority has $300 billion in reserves that it could liquidate.
Qatari stocks have weakened and the riyal has been volatile in the spot market since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, accusing it of backing terrorism. Dona has denied these allegations.
“Qatar has already had a good and unique system. We have laws established against all these kinds of terrorists ,” al Thani told CNBC. “We work with the IMF (International Monetary Fund) and other institutions to establish our laws and audits and reviews.”
“We have no challenges, we welcome those to review all our books, they are open,” he added. Al-Thani said while the central bank has noticed fund outflows from some non-residents, the amounts weren’t particularly significant.
“There is more coming in,” he said, confirming that inflows are exceeding outflows.
He said long-term contracts in the gas and oil sectors were not seeing any disruptions.
Rating agency Moody’s Investors Service earlier this month changed the outlook on Qatar’s credit rating to negative from stable, citing economic and financial risks arising from the ongoing dispute between Qatar and the Saudi-led alliance.
Despite the market ructions, economists say Qatar, the world’s top liquefied natural gas exporter, has taken a number of measures such as a planned boost in gas output and new transport routes to weather the crisis.


Israel must stop excessive use of force in Gaza, UN rights chief says

Updated 2 min 57 sec ago
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Israel must stop excessive use of force in Gaza, UN rights chief says

GENEVA: Israel must stop the excessive use of force by its security forces in Gaza and must hold to account those responsible for the many deaths and injuries sustained by Palestinians in the past month, the UN human rights chief said on Friday.
UN High Commissioner for Human Rights Zeid Ra’ad Al-Hussein said in a statement that in the past four weeks, 42 Palestinians had been killed and over 5,500 injured along the fence in Gaza, with no reports of Israeli casualties.
“The loss of life is deplorable, and the staggering number of injuries caused by live ammunition only confirms the sense that excessive force has been used against demonstrators – not once, not twice, but repeatedly,” Zeid said.