Qatar Central Bank Reserves Drop by $10.4 bln in June

The Qatar central bank’s net international reserves plunged by $10.4 billion in June to $24.4 billion because of economic sanctions imposed by other Arab states, central bank data showed on Sunday.
Reserves hit their lowest level in at least five years.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, causing some banks and portfolio investment funds to pull money from the country, depleting the reserves.

Qatar’s sovereign wealth fund is estimated to have around $180 billion or more of liquid foreign assets which could be used to replenish the central bank reserves when authorities decide that is necessary.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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