Qatar banks lose 7.6 pct of foreigners' deposits in June - data

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Thu, 27 Jul 2017 - 10:31 GMT

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Thu, 27 Jul 2017 - 10:31 GMT

Qatar Central Bank Office - CC via Flickr - TravelingOtter

Qatar Central Bank Office - CC via Flickr - TravelingOtter

DUBAI - 27 July 2017: Deposits by foreign customers at banks in Qatar fell in June after neighbouring Gulf Arab states cut diplomatic and transport ties with Doha, Qatari central bank data showed on Thursday.

Foreign customers' deposits at banks in Qatar - the vast majority in the form of foreign-currency deposits - shrank to 170.6 billion riyals ($46.9 billion) in June from 184.6 billion riyals in May, the data showed.

The 14.0 billion riyal decline was equivalent to 7.6 percent of Qatari banks' foreign deposits or 1.8 percent of their total deposits.

The data also showed Qatari banks' borrowings from banks abroad shrank to 46.4 billion riyals from 51.8 billion riyals.

The numbers appeared consistent with a statement on July 10 by central bank governor Sheikh Abdullah bin Saud al-Thani, who said under $6 billion had left Qatar over the past month.

The data also suggested Qatari banks were cutting back their foreign lending in response to the crisis; their claims on banks outside Qatar fell to 93.8 billion riyals from 102.2 billion riyals.

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