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Report: Qatar Central Bank asks banks to provide daily trading reports

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Report: Qatar Central Bank asks banks to provide daily trading reports

Qatar Central Bank told commercial banks to provide detailed daily reports on their foreign exchange trading as well as deposit withdrawals and money transfers that exceed 10 million Saudi riyals, Reuters reported June 8, citing "banking sources."

Previously, the lenders had generally been required to supply that information on a monthly basis, according to the newswire. It also cited its sources as saying that the lenders are now required to provide weekly breakdowns of customer deposits by maturity and type from Gulf Cooperation Council countries and Egypt, among other countries.

The news follows indications that certain foreign portfolio investment funds have been withdrawing money from Qatar due to the diplomatic dispute between the country and neighboring Gulf states, Reuters said. On June 6, a number of Saudi Arabian and United Arab Emirates-based banks reportedly suspended their business dealings with their Qatari counterparts as a result of the dispute.

As of June 7, US$1 was equivalent to 3.75 Saudi riyals.