Qatar Fund Brings $20 Billion Home to Help Banks in Boycott
- Non-residents withdrew $30 billion from banks amid standoff
- Officials are meeting fixed-income investors from Monday
Currency from the Gulf state of Qatar, a Qatari Riyal sits with a U.S. dollar.
Photographer: CHARLES CROWELLThis article is for subscribers only.
Qatar’s sovereign wealth fund has repatriated about $20 billion to help support the country’s banks and ease the impact of the ongoing Saudi Arabian-led boycott.
The Qatar Investment Authority, which has about $320 billion of assets, placed the funds with local lenders after the diplomatic crisis started, according to the country’s latest bond prospectus, a copy of which was seen by Bloomberg. The cash injection came as almost $30 billion of non-resident deposits left Qatari banks, the document shows.