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Last updateTue, 22 Aug 2017 11am

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Latest developments of Qatar

Saudi, UAE, Bahrain, Egypt cut ties with Qatar over terrorism which resulted in panic across GCC currency market. Qatar riyal adversely depreciated.  It is predicted to affect the oil prices also shortly. 

UAE has notified Qatar diplomats existing in Abu Dhabi to leave the country within 48 hours. It said Doha’s several policies destabilizing the security and stability of the region has been manipulated against the earlier quoted commitments. 

Qatari citizens have been given grace period of 14 days to leave the country without trespassing UAE boarders. On the contrary, Emiratis have also been asked not to visit or even pass thru Qatar.

Qatar has been totally isolated from all its mode of connectivity with Riyadh boarders thru land, sea and air as reported by Saudi state news agency. 

Etihad Airways and Emirates Airlines are also withdrawing its services at slow paces. 

Adverse effect on Qatar Riyal

The pulsating news of the GCC breach with a painful isolation of Qatar will adversely affect the foreign exchange rate of Qatar Riyal against other currencies to a great extent. 

Immediate Impacts:

High Oil Prices.

Qatar’s stock market & FX market dropped in early trade in response to the diplomatic rift.

 

 

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