A man walks on the corniche in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon
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Qatar's central bank said it would honor commitments to provide dollars to local and foreign investors at the official exchange rate, describing a proposal by index provider MSCI Inc. to use the offshore rate to value the country's stocks as unjustified.MSCI, whose gauges guide the allocation of about $11 trillion in assets, is consulting investors on the proposal after complaints that a boycott of Qatar by four Arab states was making access to the official exchange rate difficult. Like the majority of neighboring energy-rich Gulf countries, Qatar pegs its currency to the dollar, and economists say assets held by its sovereign wealth fund are enough to maintain an exchange rate of 3.64 riyals to the greenback. The MSCI proposal, however, risks undermining efforts to attract foreign investors to offset the impact of the lingering Saudi-led boycott.
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