Qatar Central Bank

Qatar Central Bank's office in Doha.

The Qatar Central Bank (Arabic: مصرف قطر المركزي‎‎) is the central bank of Qatar.

The Qatar Central Bank was originally the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates^[1] and disengaged itself from British monetary policy which the area had previously followed.^[2] The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR).^[3]

Over its history the Qatar Central Bank has increasingly worked in association with other, larger central banks to achieve a stable currency for the country, most recently and notably with the Monetary Authority of Singapore.^[4]

Objectives

Article no. 5 of the Law of the Qatar Central Bank and the Regulation of financial Institutions issued by Law no. 13 of 2012 states the central bank’s objectives for Qatar’s economic policy.^[5]

Preserve money value and assure monetary stability.
Act as a regulatory, control and supervisory higher authority for all the services, business, markets and financial activities inside or though the state of Qatar in accordance with the best international standards and practices.
Establish a stable, transparent, competitive and governance sector for carrying out services, business, markets and financial activities based on market rules.
Reinforce public confidence in Qatar as a pioneering global hub for services, business, markets and financial activities.
Ensure consistent development of services, markets and financial activities sector in line with the objectives of economic and comprehensive development in Qatar

In addition, the Qatar Central Bank serves the primary roles of many central banks. These roles are stated in Article no. 6, 7, and 8 of Law no. 13 and include (among others) the following duties:^[6]

Stability of QR exchange rate and its capacity of being exchanged for other currencies.
Cash issuance and regulation of its circulation.
Act as a bank for all the banks and financial institutions in Qatar.
Financial and Banking stability.
Administer and invest its money and reserves.
Lay out regulations, instructions and guidance on governance, transparency and sound management in all financial institutions under QCB’s supervision.

Leadership

The Board of Directors of the Qatar Central Bank is composed of seven members. The Governor and Chairman of the Board of Directors is H.E. Sheikh Abdullah Saoud Al-Thani. The Deputy Governor and Vice-Chairman of the Board of Directors is H.E. Sheikh Fahad Faisal Al-Thani. H.E. Dr. Saleh M. Al-Nabit, H.E. Dr. Ibrahim Al-Ibrahim, and Mr. Nasser Ahmed Al-Shaibi are members of the Board of Directors. H.E. Mr. Khalaf Ahmad Almanai is the Representative of the Ministry of Finance and H.E. Mr. Sultan Rashid Al-Khater is the Representative of the Ministry of Economy and Trade.^[7]

Controversy

A former employee of the Qatar Central Bank, Khalifa Muhammad Turki al-Subaiy, is a Specially Designated Global Terrorist.^[8]

In 2008, the U.S. Department of State described Al-Subaiy as a “Qatar-based terrorist financier and facilitator” for working with al-Qaeda senior leadership, including Khalid Sheikh Mohammed described as “the principal architect of the 9/11 attacks” in the 9/11 Commission Report.^[9]^[10] Al-Subaiy provided financial assistance to senior al-Qaeda members in Pakistan and helped extremists reach al-Qaeda training camps in Pakistan.^[11]

In 2008, the Bahrain High Criminal Court convicted al-Subaiy in absentia for charges of financing terrorism. In March 2008, al-Subaiy was arrested in Qatar but released after six months in September 2009.^[12]

In a 2014 Department of Treasury designation of foreign terrorist fighter facilitators, al-Subaiy was described as working with two al-Qaeda financial facilitators in order to transfer “hundreds of thousands of dollars” and “tens of thousands of dollars” to al-Qaeda and the Al-Nusra Front.^[13]

According to a November 2014 report by the Telegraph, al-Subaiy is living freely in Doha.^[14]

References

External links

(Arabic) (English) Official site: Qatar Central Bank

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Authority Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 25°17′25″N 51°32′06″E / 25.2902°N 51.5349°E / 25.2902; 51.5349

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