QNA
DOHA
Governor of Qatar Central Bank (QCB) HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani underscored the importance of celebrating the Qatar National Day (QND) as an occasion to renew patriotism and pride in national identity.
He delivered remarks to Qatar News Agency (QNA) on QND and highlighted that this day is an invaluable opportunity to bolster ethos of unity and solidarity among the people of Qatar across their various spectrums. He added that it is reminder of the extraordinary milestones the country is making starting from the founding stage by Sheikh Jassim bin Mohammed bin Thani, up to the achievements of the prudent leadership in bringing stability and prosperity to the state in various fields.
The governor availed himself of this opportunity to extend assurances of his highest consideration to HH the Amir Sheikh Tamim bin Hamad Al-Thani on the occasion of QND.
He emphasized that the prudent leadership of the State of Qatar has been making utmost efforts, in pursuit of the advancement of the State of Qatar and the pride of its people, with QND being a chance to renew allegiance to continuing the enduring development process the country is witnessing in light of HH the Amir’s vision.
He stated that QND carries profound meanings for the people of Qatar as it is not solely confined to celebration, but rather epitomizes the ethos of pride in national identity and entrenched traditions that reflect the State of Qatars inveterate history. He pointed out that the people of Qatar stand united with their wise leadership and are proud of the achievements that were made at the financial and economic fields, underlining that the State of Qatar aspires to build a bright future that underscores its commitment to sustainability and innovation with an emphasis on safeguarding the inveterate Qatari identity.
He highlighted that QCB achieved milestones in 2024, by launching a plethora of strategies in alignment with the third National Development Strategy and the Qatar National Vision 2030, affirming the third strategy for financial sector would augment the State of Qatars economy and financial institutions, in addition to reinvigorating the role of financial sector to offer solutions that protect investors and help their growth.
In addition, QCB launched the FinTech strategy that gives priority to innovation in financial services to keep up with technological advancements and expand the utilization of AI, thereby shaping a more advanced future for financial sector that is capable of converting challenges into opportunities for growth and prosperity.
An array of initiatives and projects have been launched to modernize and enhance the financial sector, along with a series of instructions that would bolster its capability to adapt to potential evolutions, such digital bank instructions, AI tips, and distributed ledger technology, digital insurance company regulations and cloud computing, electronic Know Your Customer (KYC) regulations, regulations for ‘Buy Now, Pay Later’, regulations for loan-based crowdfunding, regulations for insurance policy comparison websites, along with the launch of several other projects and initiatives, including the launch of the QCBs digital currency project and the accelerated regulatory sandbox, His Excellency highlighted.
He indicated that the initiatives included the instant service for individuals and businesses, the launch of the website for the Hamyan card, the national awareness campaign for information security, in collaboration and coordination with the Ministry of Interior, the National Cyber Security Agency (NCSA), and the Qatar Financial Centre Regulatory Authority, and the inclusion of some companies in QCBs regulatory sandbox to test their services.
The governor elucidated that the consistent growth of international reserves and foreign currency liquidity at QCB reached QR 254.2 billion in October 2024, recording a growth rate of 4.4% compared to October 2023.