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QCB begins probe into bid to harm Qatari economy.

Tribune News Network Doha Qatar Central Bank (QCB) has launched a legal investigation into attempts by the blockading countries to imperil the Qatari economy by manipulating the currency, securities and derivatives markets. QCB Governor HE Sheikh Abdulla bin Saoud al Thani has blamed the Saudi Arabia-led group of countries, which have imposed an economic boycott on Qatar. "We know the blockading countries and their agents are attempting to manipulate and undermine our currency, securities and derivatives, as part of a coordinated strategy to damage Qatar's economy. We will not stand by while our country is attacked in this manner," Sheikh Abdulla said in a statement on Tuesday. He said QCB has hired New York-based law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP to lead an investigation into the bid to devaluate the Qatari currency. A number of financial institutions and individuals have been asked to preserve documents ahead of the legal proceedings, he added. "Make no mistake where we find attempts to manipulate the Qatari riyal or Qatar's financial markets, we will take every step to identify and hold accountable anyone engaging in, or attempting to engage, in this illegal behaviour," the QCB chief said. He said,"Until the illegal blockade is lifted, the QCB will work to ensure our financial sector and economy remain robust and stable despite the illegal actions of the blockaders."

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Publication:Qatar Tribune (Doha, Qatar)
Geographic Code:7QATA
Date:Dec 20, 2017
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