Qatar Central Bank (QCB) has evaluated the current monetary policies of the State of Qatar and decided to maintain the current QCB interest rates related to the deposit rate, lending rate and repurchase rate. QCB will continue to assess the economic conditions and take into account all aspects that may affect financial stability and will review its monetary policy when necessary to address any changes in economic requirements.
Maintaining the bank’s current interest rates as follows:
Deposit interest rate 5.75%(%)
Lending interest rate 6.25% (%)
Repurchase rate 6.00% (%)
Economic development and support
Within the framework of the general economic policy of the State, and in a manner that helps develop and support the national economy, the Bank aims to achieve the following:
– Maintaining the value of money and ensuring monetary stability.
– To act as a regulatory, supervisory and oversight body for all financial services, businesses, markets and activities carried out in or through the country, in accordance with the best international standards and practices.
– Establishing a sector for services, businesses, markets and financial activities, based on a governance mechanism that achieves stability, transparency and competitiveness.
– Enhancing public confidence in the country as a leading global centre for services, business, markets and financial activities.
– Ensuring the regular development of the services, business, markets and financial activities sector, in line with the goals of economic development and comprehensive development in the country.
Article No. (6) indicated that the bank works in cooperation and coordination with the ministry and the relevant government agencies to achieve the objectives of the general economic and development policy of the state, in a manner that does not conflict with the following objectives: stability of the riyal exchange rate, and its convertibility into other currencies, stability of the prices of goods and services, and financial and banking stability.
International best standards and practices
In accordance with Article No. (7), the Bank, as the competent supreme authority, and within the framework of the national strategic vision, and in accordance with the best international standards and practices, shall develop and implement the State’s monetary policy, exchange rate policy, and policies related to the regulation, control, and supervision of financial services, businesses, and activities in the State. To this end, it shall undertake the necessary work, foremost of which is the issuance of currency, the regulation of its circulation, and the performance of the function of the government’s bank.
And act as a bank for banks and other financial institutions operating in the country.
And to establish systems and rules that help stabilize the financial and banking sector and increase its efficiency and development.
And to establish controls, instructions and guidelines for governance, transparency and good management in all financial institutions subject to the Bank’s supervision.
Establishing and implementing the foundations, controls and standards for monitoring and supervising financial institutions.
And take the necessary measures and procedures to confront economic and financial disturbances and crises, whether global, regional or local, in coordination with the Ministry.
And managing and investing his money and reserves.
Establishing, managing and developing banking, financial and auxiliary services systems.
Establishing, managing and developing credit centers, institutions and companies that serve its objectives.
In accordance with Article No. (8), the Bank, as the competent supreme authority, and within the framework of the national strategic vision, and in accordance with the best international standards and practices, shall develop and monitor the implementation of policies related to the regulation, control and supervision of all financial services, businesses and activities carried out in or through the Qatar Financial Centre, and develop and monitor the implementation of policies related to the regulation, control and supervision of all financial markets in the country.