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Qatar Central Bank expects economy to grow by 3.5% this year

Qatar Central Bank

Doha, (Business News Report)|| The Qatar Central Bank expected the country’s GDP to grow by 3.5% during the current year 2022.

The Governor of the Central Bank, Sheikh Bandar bin Mohammed bin Saud Al Thani, said it is expected that the energy-rich Gulf country plans to start granting licenses to financial technology companies soon.

Meanwhile, the Fitch Ratings Agency, in April, expected Qatar’s gross domestic product to grow 3.2% in 2022, from 1.6% in 2021.

Fitch attributed the reason to the increase in output thanks to the World Cup soccer tournament, which the country hosts in November and December, as well as the recovery after the Coronavirus pandemic.

The Qatar Central Bank provided a set of tips so as not to fall victim to financial frauds that have developed with the development of technology.

In a post on the official account on the social networking site Twitter, Qatar Bank confirmed that these tips protect and help to be careful to avoid any losses, and the most prominent of these tips.

  • Do not use your bank account to transfer or receive funds from unknown individuals or entities.
  • Not to give the authority to use your bank account to any individual or entity.
  • Do not disclose the confidential data of your bank account and do not share it with any individual or entity.
  • If you suspect financial fraud, immediately inform your bank to stop all services associated with your bank account. And submit a report on the case of suspicion to the competent security authorities in the country.

Earlier, the Qatar Central Bank announced that the bank’s deposit rate (QCBDR) will be raised by 50 basis points, starting today, to 1.50%.

It also raised the bank’s lending rate (QCBLR) by 25 basis points, to 2.75%.

In the same context, it decided to raise the QCB Repo Rate by 50 basis points, to become 1.75%.

In a previous statement, the bank stated that the decision to raise the interest rate was based on local and international economic data.

The global economy is facing inflationary pressures. The Ukraine crisis has doubled the pressure, especially on the US economy. Therefore, the US Federal Reserve has taken steps, including raising interest rates by a quarter point a month ago.

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