Qatar Central Bank (QCB) is striving to protect and promote the financial sector in the State of Qatar as well as strengthening it and making it not only capable of facing all challenges but also benefiting from them and turning them into potential growth opportunities.
QCB, on the occasion of the National Day 2018, presented a summary of its achievements during the year, including the establishment of Supreme Emergency Committee headed by the Governor, Deputy Governor and Executives of the different sectors of the Bank.
The Committee monitored the day-to-day work of financial institutions in the country, addressed emergency matters and removed all obstacles to the flow of work. The committee also receives daily reports on the performance of financial institutions and the problems they face and works on resolving them immediately, especially with regard to providing cash and foreign exchange, bank transfers, connection to correspondent banks, electronic connectivity, financial service delivery through external branches of financial institutions and other everyday matters.
The Central Bank also launched the second strategic plan for the financial sector in the State (2017-2022), which was prepared in cooperation and coordination with the three regulatory bodies (Qatar Central Bank, Qatar Financial Markets Authority, Qatar Financial Centre Regulatory Authority). This plan is currently being implemented in line with the National Development Strategy and Qatar National Vision 2030.
In addition to that, QCB issued a number of instructions and resolutions to the financial sector and to banks and insurance companies to order to regulate the work and define responsibilities and obligations. The Bank issued instructions to all financial institutions to comply with all standards of money laundering and terrorism financing, in particular the implementation of international resolutions and United Nations sanctions on individuals or entities related to financing terrorism.
