Infrastructure enabling banks to simply accept funds from digital wallets underway: Qatar Central Financial institution Governor

Doha: Underneath the patronage of Prime Minister and Minister of Inside HE Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani, the ninth version of the Euromoney Qatar Convention kicked off right this moment.

In his speech throughout the opening ceremony, Governor of Qatar Central Financial institution (QCB) HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani mentioned that the Qatar Central Financial institution is establishing the required infrastructure to allow banks to simply accept funds from digital wallets and on this regard, the financial institution is engaged on designing a brand new technique for monetary expertise and intends to launch it over the last quarter of this 12 months.

He additional harassed that – as half of the present replace of the fee system program – a totally built-in funds platform will likely be carried out, together with a central infrastructure system for an immediate funds community on the state stage. 

He added that the financial exercise within the State of Qatar right this moment is way stronger than it was in 2020, because it occupies a distinguished place as one of many world’s main international locations within the manufacturing and export of fresh power of liquefied pure fuel.

Governor of Qatar Central Financial institution mentioned that the nation’s economic system has confirmed energy and resilience regardless of the financial challenges imposed by the outbreak of the Coronavirus (Covid-19), on account of the directives of the sensible management, and the financial and monetary assist plan that was carried out to help the sectors affected by the measures to restrict the unfold of the pandemic.

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He added that the Euromoney Convention presents nice challenges for everybody right this moment, represented in correct planning for the longer term, because the previous two years witnessed occasions that point out the issue of predicting the longer term, and the significance of the readiness and proactiveness of central banks to confront these challenges.

His Excellency harassed that the existence of a versatile economic system offers a powerful foundation that helps to plan for the longer term, as this flexibility is clear via the information associated to the federal government price range and the present account, the official reserves of the state, and the energy of the monetary sector, along with financial diversification, declaring that the prospects are nonetheless shiny, as financial exercise is recovering, pushed by a number of elements, together with the restoration in home demand, the expansion of personal sector credit score, and preparations to host the FIFA World Cup Qatar 2022.

He added that with the rise in international oil and fuel costs, worldwide establishments anticipate greater GDP progress in 2022 within the vary of three.5%, and alternatively, inflation ranges seem comparatively reasonable in keeping with the worldwide charges, noting that the present geopolitical tensions in Europe haven’t affected considerably on the degrees of inflation, because it remained reasonable.

Regardless of the troublesome challenges that the worldwide monetary sector has witnessed in current occasions, he added that, Qatari banks nonetheless take pleasure in a great quantity of capitalization, excessive liquidity and sustaining the standard of property, and the profitability of banks has remained steady, whereas the share of non-performing loans continues to be thought-about among the many lowest within the area.

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Qatar Central Financial institution Governor mentioned that in keeping with the constructive information achieved by the economic system and the banking sector specifically, when evaluating the final stage, a choice was taken to start out the part of gradual exit from the banking sector assist measures, as a plan was drawn as much as finish the amenities supplied by the Central Financial institution to banks by the top of this 12 months together with the interim evaluation of the banks scenario, rates of interest had been additionally raised in keeping with the coverage of sustaining the change fee, with the continued emphasis on following up on all the pieces associated to international developments with the intention to defend the energy and security of our banking sector.

HE Qatar Central Financial institution Governor defined that with the expectation that oil costs will proceed at their present common charges, this may assist the continued restoration within the countrys financial progress within the medium time period, permitting us to soak up the cycle of monetary tightening that has already begun by most central banks around the globe.

His Excellency mentioned that the Qatar Central Financial institution is working via the initiative to develop the regulatory atmosphere to boost the digital society and the superior monetary atmosphere, via which we search to make Qatar a regional chief within the discipline of digital banking providers.

His Excellency mentioned that to fulfill the rising fee wants of residents and guests, the variety of firms offering monetary expertise providers has been elevated within the experimental digital atmosphere earlier than licensing them, guaranteeing that the businesses are extra environment friendly and safe.

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