Despite blockade, Qatar market fundamentals are strong| MENAFN.COM

Saturday, 04 February 2023 02:43 GMT

Despite blockade, Qatar market fundamentals are strong


(MENAFN- The Peninsula) The Peninsula

DOHA: Commercial Bank Group CEO Joseph Abraham yesterday said the eight-month-long blockade imposed on Qatar by a few neighbouring countries has failed to make a negative impact on the market fundamentals of Qatar.
Elaborating on the bank's five-year strategic plans here yesterday, Joseph said Commercial bank's credit exposures to the blockading countries are quite insignificant.
'Our exposure to the UAE is just one percent of our loan book, and they are well-performing.
The blockade was also insignificant in terms of liquidity issue. A mere QR3-QR4bn has gone away from our deposits. It seems the case with other banks were similar. But Qatar Central Bank (QCB) and Qatar Investment Authority (QIA) were able to adjust this immediately, he said.
The Group CEO said Commercial Bank was planning a 'Formosa bond issue and also considering potential deals in Swiss Francs and Australian dollars. The bank expects to pay 15 and 20 basis points more on future debt issuance than before the boycott, he added.

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