The Qatar Central Bank () is the central bank of Qatar.
Originally known as the Qatar Monetary Agency it was founded in 1973.
Over its history the Qatar Central Bank has increasingly worked in association with other, larger central banks to achieve a stable currency for the country, most recently and notably with the Monetary Authority of Singapore.
History
The Qatar Central Bank was originally until 1993 known as the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973, after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed. The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR).
Objectives
Article no. 5 of the Law of the Qatar Central Bank and the Regulation of financial Institutions issued by Law no. 13 of 2012 states the central bank's objectives for Qatar's economic policy: Preserve money value and assure monetary stability. Act as a regulatory, control and supervisory higher authority for all the services, business, markets and financial activities inside or though the state of Qatar in accordance with the best international standards and practices. Establish a stable, transparent, competitive and governance sector for carrying out services, business, markets and financial activities based on market rules. Reinforce public confidence in Qatar as a pioneering global hub for services, business, markets and financial activities. Ensure consistent development of services, markets and financial activities sector in line with the objectives of economic and comprehensive development in Qatar.
In addition, the Qatar Central Bank serves the primary roles of many central banks. These roles are stated in Article no. 6, 7, and 8 of Law no. 13 and include (among others) the following duties: Stability of QR exchange rate and its capacity of being exchanged for other currencies. Cash issuance and regulation of its circulation. Act as a bank for all the banks and financial institutions in Qatar. Financial and Banking stability. Administer and invest its money and reserves. Lay out regulations, instructions and guidance on governance, transparency and sound management in all financial institutions under QCB's supervision.
Leadership
The Board of Directors of the Qatar Central Bank is composed of five members. The Governor and Chairman of the Board of Directors is Bandar bin Mohamed bin Saud al-Thani.
Governors
Legislation
QCB Law
On August 5, 1993, Amiri Decree No.15 was issued, establishing Qatar Central Bank (QCB) as the monetary authority in the State of Qatar. QCB is mandated to formulate monetary and banking and credit policies so as to achieve certain financial and economic objectives—QCB Objectives.
Investment Funds Law
Article (1) In the applying the provisions of this law, the following words and expressions shall carry the meanings expressed next to each, unless the context requires otherwise:
The Ministry : Ministry of Economy and Commerce.
The Minister : Minister of Economy and Commerce.
The Bank : Qatar Central Bank.
The Market : Doha Stock Market.
The Fund : A monetary investment entity acquiring the legal personality and founded pursuant to the provisions of the law.
The bank : Any of the operating banks in the State.
The Investment Company 1 Any financial company authorized by the bank to perform investment works.
The Founder : The bank or the investment company authorized to found investment Funds.
The Fund Manager : The natural or artificial person appointed by the founder to manage the Fund.
The Investment Trustee : The bank undertaking the trusteeship of investment of the Fund assets.
The Investment Units : The shares constituting the capital of the Fund.
Article (2) It is permissible to create Funds to invest and develop financial securities and instruments and funds pursuant to the provisions of this law, the executory rules thereof and the instructions issued by the bank. It is also permissible to create investment Funds that handle the investment in real estates and development projects domestically and abroad.