Home World Qatar has $340 billion in reserves, can weather Arab sanctions: CNBC
Qatar has $340 billion in reserves, can weather Arab sanctions: CNBC
Qatar can sustain itself despite Arab sanctions
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 [money] 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.
HumSub TV is Pakistan's leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the "Rights" as well as the "Obligations" of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV's head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Gulf crisis