HE the Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud al-Thani has said that the celebration of Qatar National Day is an occasion to commemorate the sincere efforts and precious sacrifices of the fathers, and to remind of the importance of adhering to the principles laid down by the Founder, and the willingness to sacrifice for the sake of Qatar's pride and defend it against any attempts to undermine its unity or cohesion, which is the path that the wise leadership follows, especially in facing crises.
In a statement to Qatar News Agency (QNA) on the occasion of Qatar National Day, Sheikh Abdullah added that marking this national occasion is also an opportunity to remind the youth of their heritage and the foundations upon which the country was built, which contributes to greatly to consolidating the feelings of loyalty and love to the homeland, encouraging them to maintain the achievements and exert more efforts for the advancement and progress of the homeland.
Sheikh Abdullah extended heartfelt congratulations to His Highness the Amir Sheikh Tamim bin Hamad al-Thani, noting that National Day represents an opportunity for the youth to learn about "the hardship of our fathers and grandparents and the sacrifices they made for the sake of our future and the future of the coming generations, as well as instilling in them the ideals and great hopes upon which the State was built, to follow the same path for the sake of beloved homeland.”
The occasion also indicates that the good choice of a wise, courageous and faithful leader, who is keen on the interests of his people is the sound basis for a bright and promising future that guarantees stability, growth, progress and prosperity, as well as overcoming all obstacles and dangers that may threaten our being, Sheikh Abdullah said.
On the most prominent achievements of the QCB during this year in light of the plans emanating from the Second National Development Strategy (2018-2022), and how those plans are proceeding in light of the current challenges, he affirmed that all sectors and institutions in the State, including the QCB, are working to achieve the Qatar National Vision 2030 through the National Development Strategy 2018-2022.
He noted that QCB undertakes the development and implementation of the monetary policy of the State, the exchange rate policy, and the policies related to regulation, control and supervision of services, business and financial activities in the State, in its capacity as the supreme authority and within the framework of the national strategic vision, and in accordance with the best international standards and practices, as defined in the Banks law No 13 of 2012.
In order to achieve the best harmony between the banks’ participation in the efforts made by the State institutions to achieve the QNV, the governor said that the QCB launched the second strategy for regulating the financial sector 2017-2022, which is based on the pillars of the QNV and meets the aspirations of the financial sector and increases its contribution to the non-hydrocarbon sector as a basic goal of economic diversification, in accordance with the directives of His Highness the Amir.
The financial sector strategy consists of five main objectives concerned with supporting and strengthening supervisory and control issues; developing financial markets; and encouraging financial innovations to enhance confidence in the financial sector, in addition to human capital development.
Sheikh Abdullah explained that, taking into consideration the global developments, the strategy presented a new strategic goal that deals with issues of financial inclusion and education, noting that achieving the strategic objectives contributed to the success of the precautionary measures taken by the State to confront the Covid-19 pandemic.
He referred to the modernisation of the payments system in Qatar, which has made it easy to transfer funds through electronic platforms, mobile phones and others amidst the Covid-19 pandemic.
In addition to the five strategic objectives, the QCB participates in several projects in the Second National Development Strategy 2018-2022, the most important of which are coordination projects between the fiscal and monetary policies aiming at achieving financial stability, given the fact ensuring economic stability is a prerequisite for urging investors to undertake long-term commitments to expand the productive base and achieve economic diversification, as well as institutional development projects aimed at modernising and developing secondary markets.
Noting QCB efforts to confront the coronavirus pandemic, Sheikh Abdullah underlined that Qatar, under the wise directives of His Highness the Amir, provided an economic support package of QR75bn.
This is in order to provide support for the sectors affected by the pandemic.
Accordingly, the QCB provided a zero-interest repurchase window (Repo) for local banks, with the aim of postponing the payment of loan instalments for a period of six months and granting new loans for the affected sectors.
In addition, the QCB launched the National Guarantee Programme to provide credit facilities for the affected sectors to pay employee salaries and rent.
An amount of QR3bn has been allocated for this programme.
Qatar Development Bank has been assigned to manage this programme.
The QCB also issued circulars to the banks operating in Qatar regarding enhancing banking services to customers via the Internet, in order to avoid customers visiting branches while ensuring business continuity, specifically during the peak of the disease.
The QCB also formed two committees to limit the spread of the coronavirus, the first being internal and the other with financial institutions.
Sheikh Abdullah praised the sound vision of the leadership, affirming that this vision has undoubtedly contributed and will continue to contribute to transforming challenges into opportunities that promote development and well-being. Qatar was able to overcome the challenges and consequences of the blockade and strengthen the level of self-sufficiency in the industrial and agricultural sectors. Without the wise guidance from the leadership, Qatar would not have been able to transform the blockade challenge into an opportunity to enhance development and well-being, Sheikh Abdullah said.
Likewise, at the beginning of the Covid-19 crisis, and amidst conditions of uncertainty and the inability to predict the events, the sound vision of the wise leadership formed the Supreme Committee for Crisis Management to follow up all developments and precautionary measures to combat the spread of the virus.
Sheikh Abdullah applauded the directives of His Highness the Amir to initiate the implementation of a host of decisions and measures to confront the repercussions of the crisis, which had a great impact on preserving the livelihoods and lives of everyone living in Qatar.
Sheikh Abdullah extended heartfelt congratulations to His Highness the Amir Sheikh Tamim bin Hamad al-Thani, noting that National Day represents an opportunity for the youth to learn about "the hardship of our fathers and grandparents and the sacrifices they made for the sake of our future and the future of the coming generations, as well as instilling in them the ideals and great hopes upon which the State was built, to follow the same path for the sake of beloved homeland.”
The occasion also indicates that the good choice of a wise, courageous and faithful leader, who is keen on the interests of his people is the sound basis for a bright and promising future that guarantees stability, growth, progress and prosperity, as well as overcoming all obstacles and dangers that may threaten our being, Sheikh Abdullah said.
On the most prominent achievements of the QCB during this year in light of the plans emanating from the Second National Development Strategy (2018-2022), and how those plans are proceeding in light of the current challenges, he affirmed that all sectors and institutions in the State, including the QCB, are working to achieve the Qatar National Vision 2030 through the National Development Strategy 2018-2022.
He noted that QCB undertakes the development and implementation of the monetary policy of the State, the exchange rate policy, and the policies related to regulation, control and supervision of services, business and financial activities in the State, in its capacity as the supreme authority and within the framework of the national strategic vision, and in accordance with the best international standards and practices, as defined in the Banks law No 13 of 2012.
In order to achieve the best harmony between the banks’ participation in the efforts made by the State institutions to achieve the QNV, the governor said that the QCB launched the second strategy for regulating the financial sector 2017-2022, which is based on the pillars of the QNV and meets the aspirations of the financial sector and increases its contribution to the non-hydrocarbon sector as a basic goal of economic diversification, in accordance with the directives of His Highness the Amir.
The financial sector strategy consists of five main objectives concerned with supporting and strengthening supervisory and control issues; developing financial markets; and encouraging financial innovations to enhance confidence in the financial sector, in addition to human capital development.
Sheikh Abdullah explained that, taking into consideration the global developments, the strategy presented a new strategic goal that deals with issues of financial inclusion and education, noting that achieving the strategic objectives contributed to the success of the precautionary measures taken by the State to confront the Covid-19 pandemic.
He referred to the modernisation of the payments system in Qatar, which has made it easy to transfer funds through electronic platforms, mobile phones and others amidst the Covid-19 pandemic.
In addition to the five strategic objectives, the QCB participates in several projects in the Second National Development Strategy 2018-2022, the most important of which are coordination projects between the fiscal and monetary policies aiming at achieving financial stability, given the fact ensuring economic stability is a prerequisite for urging investors to undertake long-term commitments to expand the productive base and achieve economic diversification, as well as institutional development projects aimed at modernising and developing secondary markets.
Noting QCB efforts to confront the coronavirus pandemic, Sheikh Abdullah underlined that Qatar, under the wise directives of His Highness the Amir, provided an economic support package of QR75bn.
This is in order to provide support for the sectors affected by the pandemic.
Accordingly, the QCB provided a zero-interest repurchase window (Repo) for local banks, with the aim of postponing the payment of loan instalments for a period of six months and granting new loans for the affected sectors.
In addition, the QCB launched the National Guarantee Programme to provide credit facilities for the affected sectors to pay employee salaries and rent.
An amount of QR3bn has been allocated for this programme.
Qatar Development Bank has been assigned to manage this programme.
The QCB also issued circulars to the banks operating in Qatar regarding enhancing banking services to customers via the Internet, in order to avoid customers visiting branches while ensuring business continuity, specifically during the peak of the disease.
The QCB also formed two committees to limit the spread of the coronavirus, the first being internal and the other with financial institutions.
Sheikh Abdullah praised the sound vision of the leadership, affirming that this vision has undoubtedly contributed and will continue to contribute to transforming challenges into opportunities that promote development and well-being. Qatar was able to overcome the challenges and consequences of the blockade and strengthen the level of self-sufficiency in the industrial and agricultural sectors. Without the wise guidance from the leadership, Qatar would not have been able to transform the blockade challenge into an opportunity to enhance development and well-being, Sheikh Abdullah said.
Likewise, at the beginning of the Covid-19 crisis, and amidst conditions of uncertainty and the inability to predict the events, the sound vision of the wise leadership formed the Supreme Committee for Crisis Management to follow up all developments and precautionary measures to combat the spread of the virus.
Sheikh Abdullah applauded the directives of His Highness the Amir to initiate the implementation of a host of decisions and measures to confront the repercussions of the crisis, which had a great impact on preserving the livelihoods and lives of everyone living in Qatar.