Maintaining financial and banking stability and keeping exchange rate of Qatari riyal stable were the two key achievements of Qatar Central Bank (QCB) during this year, QCB Governor H E Sheikh Abdulla bin Saoud Al Thani (pictured) stated yesterday.
In a statement issued yesterday, on the occasion of Qatar National Day celebrations, the central bank governor said QCB has made a number of achievements including the regulation and supervision of financial institutions, and updating the comprehensive framework of Basel Committee’s decisions on capital adequacy in accordance with Basel 3.
It also issued a comprehensive guide to corporate governance for banks, which included governance guidelines to comply with the best international practices issued by the Basel Committee. Furthermore, the bank issued the guidelines on corporate governance for financial institutions, which included the general framework, rules, regulations and comprehensive procedures that will enable insurance companies to exercise their activities.
Sheikh Abdullah said that Qatar has handled the siege with the highest level of efficiency, adding that Qatar has succeeded in breaking the air, sea and land siege imposed on it through taking quick and wise measures.
The QCB’s law stipulates that it will work in cooperation with the Ministry of Finance and relevant government agencies to achieve the general economic and development policy of the state in a manner that does not contradict with its objectives of maintaining the stability of the exchange rate of the Qatari riyal, making it transferable to other currencies, and the stability of prices of goods and services and financial and banking system.
QCB also inaugurated the digital credit report service for individuals project, which is considered one of the most important tools of credit analysis in banking sector as it helps in deciding the granting of credit and contributes to reducing the credit risk in the banking sector. Qatar Credit Bureau received the certificate of the International Organization for Standardization for quality management system.
Qatar Central Bank has also developed an information security strategy for the financial sector in the country through encrypting the databases and updating the servers of the national payment gateway and associated security standards.
Sheikh Abdullah affirmed that the State of Qatar’s National Day is a celebration and a reminder to young generations of the work and the sacrifices made by founding generations of the state to achieve Qatar national unity.
He added that the National Day also represents an opportunity for the young generations to learn about Qatar’s heritage and to promote pride in parents and ancestors.
