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Satyendra Pathak
Doha
Qatar’s economy is strong enough to withstand the financial impacts of Covid-19, Doha Bank Group CEO R Seetharaman has said.
“Qatar’s economic fundamentals are very strong. The country’s reserves are huge. The central bank is sitting on virtual cash and gold. There are reasons to believe that sufficient liquidity will be provided to banks by the government if needed,” Seetharaman told Qatar Tribune.
While the global spread of Covid-19 will have a marginal impact across the region, he said, fall in the oil price is a bit of concern.
“Having said that, I believe the Qatari economy is very strong to face any eventuality. The overall long-term supply chain for LNG will have recurring revenues. They are long-term signed contacts,” he said.
“The government’s recent fiscal stimulus package worth QR 75 billion will soften the current impact and help underpin business and consumer confidence,” he said.
Qatar issued several directives to combat the spread of the coronavirus in the country including implementation of a QR75 billion stimulus package to shield the economy.
As in the past, he said, the central bank is always ready to support financial institutions in the country the way it did in 2008 and during the blockade.
“The world financial markets are going back to accommodative fiscal policies to achieve fiscal stability. Qatar’s financial stability is second to none as the country’s central bank reserves are huge to be used in such a situation,” Seetharaman said.
In line with the government directive, he said, Doha Bank has announced full support to its customers especially the small and medium sector companies to tide over the current crisis.
Seetharaman said that Doha Bank is also advising its customers to use the bank’s digital platforms for making transactions to combat the spread of coronavirus in the country.
It is worth mentioning here that Doha Bank’s team made concerted efforts during the past year to carry out a comprehensive plan to adopt a digital and technological transformation strategy in light of the digital revolution and technological development in the world today.
“We have engaged an international leading firm for the purpose of enhancing the services and products provided to our retail and corporate customers to enhance the level of excellence and professionalism compared with the competitive international and local banks. In addition, it will help us in reducing the costs to achieve the highest returns and profitability which will ultimately serve the interests of the shareholders,” he said.
Doha
Qatar’s economy is strong enough to withstand the financial impacts of Covid-19, Doha Bank Group CEO R Seetharaman has said.
“Qatar’s economic fundamentals are very strong. The country’s reserves are huge. The central bank is sitting on virtual cash and gold. There are reasons to believe that sufficient liquidity will be provided to banks by the government if needed,” Seetharaman told Qatar Tribune.
While the global spread of Covid-19 will have a marginal impact across the region, he said, fall in the oil price is a bit of concern.
“Having said that, I believe the Qatari economy is very strong to face any eventuality. The overall long-term supply chain for LNG will have recurring revenues. They are long-term signed contacts,” he said.
“The government’s recent fiscal stimulus package worth QR 75 billion will soften the current impact and help underpin business and consumer confidence,” he said.
Qatar issued several directives to combat the spread of the coronavirus in the country including implementation of a QR75 billion stimulus package to shield the economy.
As in the past, he said, the central bank is always ready to support financial institutions in the country the way it did in 2008 and during the blockade.
“The world financial markets are going back to accommodative fiscal policies to achieve fiscal stability. Qatar’s financial stability is second to none as the country’s central bank reserves are huge to be used in such a situation,” Seetharaman said.
In line with the government directive, he said, Doha Bank has announced full support to its customers especially the small and medium sector companies to tide over the current crisis.
Seetharaman said that Doha Bank is also advising its customers to use the bank’s digital platforms for making transactions to combat the spread of coronavirus in the country.
It is worth mentioning here that Doha Bank’s team made concerted efforts during the past year to carry out a comprehensive plan to adopt a digital and technological transformation strategy in light of the digital revolution and technological development in the world today.
“We have engaged an international leading firm for the purpose of enhancing the services and products provided to our retail and corporate customers to enhance the level of excellence and professionalism compared with the competitive international and local banks. In addition, it will help us in reducing the costs to achieve the highest returns and profitability which will ultimately serve the interests of the shareholders,” he said.
