Qatar’s economic prospects remain bright: QCB Governor – The Peninsula

Qatar’s economic prospects remain bright: QCB Governor – The Peninsula

In his keynote address during the Euromoney Qatar Conference yesterday which was held under the patronage of the Prime Minister and Minister of Interior H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, the QCB Governor said that the Qatar Central Bank (QCB) will launch a new fintech strategy during the fourth quarter (Q4) of the year.

He highlighted that ‘Qatar’s economic activity today is much stronger than it was in 2020’ as the country occupies the position of the world’s leading LNG exporter. Economic prospects remain bright, amid recovery in domestic demand, private sector credit growth, as well as the preparations to host the FIFA World Cup Qatar 2022, he said.

He also reiterated that despite the challenges witnessed by the global financial sector due to the COVID-19 pandemic, Qatari banks still enjoy a good amount of capitalisation, high liquidity, and stable profitability. The percentage of the non-performing loans is still considered among the lowest in the region, he added.

Referring to positive economic data and the banking sector in particular, the QCB Governor noted that a decision was taken to start the phase of gradual exit from the banking sector support measures, with a plan to end the facilities provided