Qatar Central Bank Unveils Strategy For 2024-2030

(MENAFN- The Peninsula) The Peninsula

Doha, Qatar: In alignment with Qatar National Vision 2030 and the Third National Development Strategy, and in adherence to the Third financial Sector Strategy, the Qatar Central bank launched today, Wednesday, October 9, 2024, its strategy for the period 2024-2030 aimed at achieving the Third National Development Strategy objectives.

This strategy serves as an essential roadmap, integrating visionary goals with ambitious aspirations to foster a more advanced future for Qatar's financial sector. It aims to keep pace with global advancements and transform challenges into opportunities for growth and prosperity.

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The Qatar Central Bank's new strategy articulates a clear and forward-looking vision to cultivate a financial sector that is both sustainable and resilient, positioning Qatar to achieve greater diversification and innovation. This vision is anchored by a mission dedicated to enhancing financial stability, transparency, inclusion, and excellence in central banking practices. It emphasizes a commitment to data-driven policies that not only bolster the national economy but also foster innovation, embrace emerging technologies, and promote comprehensive engagement with stakeholders both domestically and internationally.

To realize its mission, the Qatar Central Bank's strategy for 2024-2030 is underpinned by five core values:the first value is integrity and will serve as QCB's identity. The second value is excellence, representing the bank's pledge to achieve leadershipat the local, regional, and global levels. The third value is innovation, serving as the primary driverfor achieving aspirations. The fourth value is sustainability, a central objective for QCB while the fifth value is inclusion, reflecting the bank's commitment to its duties.

The Qatar Central Bank's strategy is based on four strategic pillars. The first pillar focuses on financial resilience and soundness by ensuring effective supervision, maintaining financial stability, safeguarding customer interests, and being prepared to tackle various challenges. The second pillar involves market development and product diversification, enabling a great role in financing and supporting economic transformation. The third pillar is about digital transformation and payments, which includes advancing digital transformation, optimizing data management in the financial sector, and upgrading payment infrastructure. The fourth pillar concerns research and international collaboration, focusing on advanced research and analytics while fostering collaboration on financial and economic issues.

Supporting these pillars are five cross-cutting themes: operating model, digital and data infrastructure, human capital, internal and external communication and public relations, and environmental, social, and governance (ESG) practices.

The strategy encompasses over 25 key initiatives, more than 200 projects, and aims to deliver over 15 outcomes. It represents a holistic vision that integrates innovation and sustainable development, designed to enhance capabilities, address future challenges, and strengthen the financial sector. The strategy also focuses on advancing financial technology, market development, and creating new opportunities for innovation, while leveraging the potential of data revolution, digital transformation, ESG practices and sustainable finance.

The Qatar Central Bank underscores that its newly launched strategy embodies its deep-seated aspirations and confidence in its ability to achieve excellence. The bank is resolutely committed to executing its objectives with a focus on superior quality, distinctive performance, and unwavering support for the community.

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