Iraq News - Local News - Baghdadpost

Qatari riyal falls in spot market against US dollar after crisis with Gulf

Qatari riyal falls in spot market  against  US dollar after crisis with Gulf
The Qatari  riyal fell in the spot market on Tuesday  to 3.6470 against the US dollar  due to speculation and that Qatar had huge foreign exchange reserves which it could use if necessary to support its currency, Reuters quoted a Qatari central bank official as saying Tuesday.

Gulf banking sources who declined to be named because of political sensitivities said Saudi Arabian, UAE and Bahraini banks were postponing deals until they received guidance from their central banks on how to handle business with Qatar.

There were signs that Qatar's financial ties might shrink well beyond the Gulf. Some Sri Lankan banks stopped buying Qatari riyals, saying counterpart banks in Singapore had advised them not to accept the currency.

This comes as Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with Qatar. 
Last Modified: Tuesday، 06 June 2017 03:19 PM
Read
Comments