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Tribune News Network
Doha
Keeping the exchange rate of Qatari riyal stable despite foreign attempts to undermine its value is one of the biggest achievements of the Qatar Central Bank (QCB) this year, Governor HE Sheikh Abdullah bin Saud al Thani said in Doha on Tuesday.
In a statement issued to the Qatar News Agency ahead of the National Day, Sheikh Abdullah citied QCB's role in maintaining the financial and banking stability of the country to underpin the central bank's successful realisation of the its objectives.
Besides regulating and supervising financial institutions, the QCB manages the monetary policy and contributes, along other economic policies, to supporting the economic growth.
The QCB's law stipulates that it should work in cooperation with the Ministry of Finance and relevant government agencies to achieve the general economic and development policy of the state in a manner that does not contradict with its objectives of maintaining the stability of the exchange rate of the Qatari riyal, making it transferable to other currencies, and the stability of prices of goods and services and financial and banking system.
The central bank has made a number of achievements including the regulation and supervision of financial institutions, and updating the comprehensive framework of Basel Committee's decisions on capital adequacy in accordance with Basel 3.
It also issued a comprehensive guide to corporate governance for banks, which included governance guidelines to comply with the best international practices issued by the Basel Committee.
Furthermore, the bank issued the guidelines on corporate governance for financial institutions, which included the general framework, rules, regulations and comprehensive procedures to enable insurance companies to exercise their activities.
In addition, QCB inaugurated the digital credit report service for individuals project, which is considered one of the most important tools of credit analysis in the banking sector as it helps in deciding the granting of credit and contributes to reducing the credit risk in the banking sector.
Qatar Credit Bureau received the certificate of the International Organisation for Standardisation for quality management system.
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13/12/2017
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