Posted on December 11, 2015

Qatar Central Bank (QCB) is exerting unremitting efforts to develop and protect the financial sector in the state in accordance with the best international practices and standards and in line with the Qatar National Vision 2030 and the National Development Strategy. Coinciding with the anniversary of Qatar National Day this year, QCB has announced a number of achievements during this year, including the inaugurating of Qatar Renminbi Centre (RMB), which is the first clearing center for Chinese currency in the Middle East which will open trade doors between China and the region.

The launch of Qatar's RMB Centre follows the signing of the MOU in November 2014 with the People's Bank of China during HH the Emir official state visit to China. In this context, the State of Qatar has been granted a 30 billion Yuan share to invest in RQFII under which any company licensed in Qatar by the QCB can invest in Chinese companies listed on the Chinese stock markets. The QCB has also established the advisory council, with the purpose of promoting market awareness of the benefits of the RMB clearing centre and to propose well-defined market education initiatives.

The QCB expanded areas and prospects for cooperation with partners in different areas, where it signed a MoU with the World Bank in May 2015 and another MoU with the China Banking Regulatory Commission to facilitate the promotion of the representative offices of Qatari banks in China into full branches. Those efforts related to the expansion of external partnerships also included the signing of a MoU between QCB and the Bank of Korea (BOK) in the field of development and strengthening of bilateral cooperation. A MoU was also signed QCB and the National Bank of Kazakhstan on October 26, 2015, during the Kazakh President's visit to Qatar, in the field of bilateral corporation.

During HH the Emir's visit to the United Mexican States, a MoU between QCB and the Bank of Mexico on November 23, 2015, which aims to develop and strengthen bilateral relations in the field of legal competence. Qatar Central Bank (QCB) also sign a MoU with the Central Bank of Venezuela on November 24, 2015, during HH the Emir's visit to the Bolivarian Republic of Venezuela, in order to strengthen bilateral cooperation in the field of legal competence. 

Regarding the development of the strategic plan of the banking and financial sector, QCB accomplished several sub-goals, including, enhancing regulation by developing a consistent risk-based micro-prudential framework in line with global regulatory developments and by improving disclosure practices, expanding macro-prudential oversight by building a macro-prudential framework in line with international best practice, strengthening financial market infrastructure through enhancements to the payments and settlements system and initiatives to develop the debt market and enhancing consumer and investor protection. 

In another aspect, QCB was able to draw a map for cooperation with a number of international and local authorities. The Bank also ended a study of linking direct payment systems of the Gulf Cooperation Council and issued government bonds and instruments worth QR32 billion, in addition to the issuance of souvenir commemorative gold coins for Al Jazeera Media Network on the occasion of its 19th anniversary. QCB launched Workers' Wages Protection System, which is a comprehensive electronic system designed to monitor the process of worker payments in accordance with the Labour Law. 

To achieve the concept of financial inclusion, QCB integrated people with disabilities in the financial system by developing the instructions and issuing a consultation paper for banks including a complete guide to facilitate banking services provided to them.