Qatar's Financial Policies Spur Confidence in Market, HE QCB's Governor Says

Doha , February 06 (QNA) - HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud said on Monday that investors had regained confidence in the Qatari market, due to the policies made by the state to face the debt crisis and revitalize the market. The Governor of QCB was speaking at MEED Projects Qatar 2012 and said that the timing of the policies taken by Qatar, directed at the financial sector, also helped inspire confidence in the country's market. He said that the figures of the banking sector reflect the success of the policies made. The financial sector saw a growth of 22.3% in 2011, compared to the previous year. As a result, the total assets are now worth QR 694 billion, an increase of QR 127 billion from 2010. Deposits of clients in commercial banks increased as well, by more than 18.5%. Deposits are now worth QR 364 billion, compared to QR 307 billion in 2010. The Governor said that credit facilities went up by 28.2%, with a total of QR 377 billion. Non-performing loans accounted only for 1.7%. HE Sheikh Abdullah bin Saud said that QCB made a number of initiative to apply international standards in regulation. One of those initiatives was establishing the Risk Management Authority, charged with studying systematic risks and recommending policies to counter them as well as raising awareness on the importance of risk management in any financial institution. (QNA)