Qatar has called on U.S. authorities to investigate First Abu Dhabi Bank PJSC unit NBAD Americas on suspicion of manipulating the Qatari riyal amid a standoff between Qatar and a group of Arab states, Reuters reported March 18.
In a Feb. 26 letter to the U.S. Treasury seen by Reuters, lawyers representing the Qatar Central Bank said: "We believe NBAD has participated in an extraordinary and unlawful scheme to wage financial warfare against Qatar, including through the manipulation of Qatari currency and securities markets."
"These actions should be halted immediately, and we ask that you investigate whether NBAD has directly or indirectly supported the manipulation of Qatar's markets, including through NBAD America's dollar-clearing or correspondent banking services in the United States," they reportedly added.
The lawyers, who also made a similar request to the U.S. Commodity Futures Trading Commission, suspect NBAD Americas of driving the riyal down during the 2017 Eid al-Adha holidays and similar illiquid periods, "reinforcing the manufactured narrative that Qatar's currency was increasingly volatile and its economy was too unstable for investment," Reuters added.
First Abu Dhabi Bank, the largest bank in the United Arab Emirates, denied the allegations, saying it "conducts its business in accordance with the highest professional standards and complies with the laws and regulations of the jurisdictions in which it operates."
