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Qatar Says Committed to Official FX Rate After MSCI Proposal

  • Central bank says MSCI proposal on offsure rate unjustified
  • Regulator says it has enough reserves to meet demand
The Doha skyline.

The Doha skyline.

Photographer: Mark Runnacles/Getty Images Europe
Updated on

Qatar’s central bank said it will honor commitments to provide dollars to local and foreign investors at the official exchange rate, describing a proposal by index provider MSCI Inc. to use the offshore rate to value the country’s stocks as unjustified.

“There are no restrictions on any banking transactions, including transfers,” the central bank said in an emailed response to questions on Thursday. The offshore rate “is not reflective of the Qatari market fundamentals, and all banks in Qatar execute transactions using the on-shore rate,” it said.