Qatar’s central bank said in December that it had launched an investigation into possible manipulation of its markets. REUTERS/Naseem Zeitoon
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Qatar has asked U.S. regulators to investigate the U.S. subsidiary of the largest bank in the United Arab Emirates, accusing it of "bogus" foreign exchange deals designed to harm its economy as part of a blockade by Gulf neighbors. The central bank of Qatar's law firm has written a letter to the U.S. Treasury asking it to investigate NBAD Americas, the U.S. subsidiary of First Abu Dhabi Bank (FAB), which is majority state-owned.Last week, U.S. President Donald Trump, who has previously accused Qatar of sponsoring terrorism, sacked U.S. Secretary of State Rex Tillerson, who had publicly defended Qatar and pressured Trump to moderate his stance.'BOGUS QUOTES'The Qatari central bank has previously accused unidentified banks of trying to manipulate the riyal by trading it between themselves offshore at artificially weak levels – to create an illusion Qatar's economy was crumbling.It cited one example on Nov. 22, 2017: When a counterparty reached out to NBAD to execute a deal, it was told by a representative of NBAD that it had no riyal to trade.It said NBAD stopped quoting the riyal in December after Qatar vowed to investigate.
FOLLOW THIS ARTICLE