Qatar using QIA deposits to create a 'buffer'
LONDON: Qatar’s sovereign wealth fund has brought more than $20 billion back onshore to cushion the impact of the regional boycott.
Qatar’s Finance Minister Ali Shareef Al Emadi told the Financial Times that Qatar Investment Authority (QIA) deposits were being used to create a “buffer” and provide liquidity in the banking system after the state suffered capital outflows of more than $30 billion.
That followed the decision by Saudi Arabia, the UAE, Bahrain and Egypt to cut diplomatic and transport links with the nation in June.
The QIA is estimated to have about $300bn of assets under management.