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Qatar deposits $7 billion in July to offset crisis outflows

The rate of decline was roughly the same as in June when the crisis began

Reuters  |  DUBAI 

Qatar's government deposited nearly $7 billion in the local banking system during July to offset a pull-out of funds by banks from other Arab states due to the region's diplomatic crisis, Qatari central bank data showed on Tuesday. Foreign customers' deposits at banks in Qatar - the vast majority in the form of foreign-currency deposits - shrank to 157.2 billion riyals ($43.2 billion) last month from 170.6 billion riyals in June. The rate of decline was roughly the same as in June, when the crisis began. But total deposits at banks in Qatar rose during July, to 772.5 ...

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First Published: Tue, August 22 2017. 18:35 IST
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