In his keynote address during the Euromoney Qatar Conference yesterday which was held under the patronage of the Prime Minister and Minister of Interior H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, the QCB Governor said that the Qatar Central Bank (QCB) will launch a new fintech strategy during the fourth quarter (Q4) of the year.
He highlighted that ‘Qatar’s economic activity today is much stronger than it was in 2020’ as the country occupies the position of the world’s leading LNG exporter. Economic prospects remain bright, amid recovery in domestic demand, private sector credit growth, as well as the preparations to host the FIFA World Cup Qatar 2022, he said.
He also reiterated that despite the challenges witnessed by the global financial sector due to the COVID-19 pandemic, Qatari banks still enjoy a good amount of capitalisation, high liquidity, and stable profitability. The percentage of the non-performing loans is still considered among the lowest in the region, he added.
Referring to positive economic data and the banking sector in particular, the QCB Governor noted that a decision was taken to start the phase of gradual exit from the banking sector support measures, with a plan to end the facilities provided by the Central Bank to banks by the end of the year. Interest rates were also raised in line with the policy of maintaining the exchange rate related to global developments in order to protect the strength and safety of Qatar’s banking sector.
He added that with the expectation that oil prices will continue at their current average rates, this will support the continued recovery in the country’s economic growth in the medium term, ‘allowing us to absorb the cycle of financial tightening that has already begun by most central banks around the world’.
The QCB Governor added that with the rise in global oil and gas prices, international institutions expect higher GDP growth in 2022 in the range of 3.5 percent, while noting that the current geopolitical tensions in Europe have not significantly affected inflation levels, which remained moderate.
Other keynote speakers during the event included Sofie Blakstad, CEO at hiveonline and Author of Fintech Revolution, Abdulla Mubarak Al Khalifa, QNB Group CEO, Joseph Abraham, Group CEO at Commercial Bank, and Jessica Renier, Managing Director of Digital Finance at IIF.
Victoria Behn, Director, Middle East and Africa at Euromoney Conferences said: “Once again, we are delighted with the turnout for the Euromoney Qatar Conference. Strategy and finance in Qatar were deeply explored, uncovering key insights in interesting areas such as ESG and digitisation. After an absence of over two years, this event acted as a meeting point for senior government officials, financial institutions, investors, and Qatari companies to convene and network around capital markets and finances”.
Sponsors of this year’s Euromoney Conference include Senior Lead Sponsor, QNB Group; Innovation Partner, Commercial Bank; Lead Sponsor, Qatar Islamic Bank; Co-Sponsor, Qatar Financial Centre; Exhibitor Sponsor, Investment House; and Associate Partners AHK and the Qatar-Poland Business Council.
