QCB to keep issuing QR4bn T-bills to boost bond market
QATAR Central Bank (QCB) will continue to issue treasury bills worth QR4 billion every month, said the QCB Governor HE Sheikh Abdullah bin Saud al Thani, in Doha, on Monday.
Speaking to reporters on the sidelines of the Bloomberg Link-Doha Conference, the QCB governor said, “We will continue to issue QR4 billion in T-bills at the beginning of each month in order to further develop the market of government bonds and facilitate liquidity management.” Earlier in his opening address, Sheikh Abdullah said that at the end of December 2011, treasury bills were listed in Qatar Exchange in order to allow market participants to trade bonds aimed at facilitating and promoting liquidity management.
According to him, the value of treasury bills reached QR14 billion at the end of March.
Highlighting the policies government has put in place to ensure financial stability, the governor said, “In the area of institutional enhancements and in order to develop the level of financial services in the country, a specialised department dedicated to financial stability has been established with the objective of acting proactively in terms of macro financial and banking risks, to enhance the financial system position and to provide it with further strength and stability.” He said that in addition to the specialised department, the Qatar Credit Bureau was also established to support the sustainable growth of credit in the country by providing the banking sector with essential analytical data to help them improve their credit risk management.
Speaking on the achievements of the Qatar Exchange, Sheikh Abdullah said, “Qatar Exchange has grown to adopt the latest international applications and methods. It is becoming a leading bourse in the region, having introduced services and products such as trading in government securities.” He said that the recent establishment of the QE Venture Market, Souk Al Sharikat Al Nashiaa, by the exchange, which is the region’s first market dedicated specifically to small-and-medium-sized enterprises, will further aid in the rapid development of the SMEs in the country, thereby further boosting the economy.
Speaking at the event, Qatar First Investment Bank (QFIB) CEO Emad Mansour said that the hosting of the World Cup by Qatar in 2022 will be a major catalyst in aiding the rapid development of the country in terms of infrastructure and human capital.
“Winning the hosting rights of the World Cup in 2022 is without any doubt one of the best things to happen to the country in recent times. The tournament will help the country to work with a focus unlike other parts of the region, as the country will be working with a deadline in view.” Over 300 delegates, mostly senior executives of financial institutions, are attending the two-day conference hosted by the Qatar Financial Centre Authority.