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Qatar Injected $43 Billion to Help Banks After Boycott, S&P Says

  • About $22 billion of deposits flowed out of country’s lenders
  • Ratings agency expects outflows to continue this year
Skyscrapers stand on the city skyline in Doha, Qatar.

Skyscrapers stand on the city skyline in Doha, Qatar.

Photographer: Gabriela Maj

Qatar pumped about $43 billion into banks last year after a Saudi Arabia-led boycott caused a drop in deposits, S&P Global Ratings said.

The government and state-controlled companies injected the cash into the financial system after about $22 billion of deposits flowed out of the country between June and December, Mohamed Damak, S&P’s senior director for financial services, said in Dubai on Tuesday.