Qatar Central Bank

The Qatar Central Bank (Arabic: مصرف قطر المركزي‎‎) is the central bank of Qatar.

The Qatar Central Bank was originally the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed. The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR).

Over its history the Qatar Central Bank has increasingly worked in association with other, larger central banks to achieve a stable currency for the country, most recently and notably with the Monetary Authority of Singapore.

Article no. 5 of the Law of the Qatar Central Bank and the Regulation of financial Institutions issued by Law no. 13 of 2012 states the central bank’s objectives for Qatar’s economic policy.

In addition, the Qatar Central Bank serves the primary roles of many central banks. These roles are stated in Article no. 6, 7, and 8 of Law no. 13 and include (among others) the following duties:

The Board of Directors of the Qatar Central Bank is composed of seven members. The Governor and Chairman of the Board of Directors is H.E. Sheikh Abdullah Saoud Al-Thani. The Deputy Governor and Vice-Chairman of the Board of Directors is H.E. Sheikh Fahad Faisal Al-Thani. H.E. Dr. Saleh M. Al-Nabit, H.E. Dr. Ibrahim Al-Ibrahim, and Mr. Nasser Ahmed Al-Shaibi are members of the Board of Directors. H.E. Mr. Khalaf Ahmad Almanai is the Representative of the Ministry of Finance and H.E. Mr. Sultan Rashid Al-Khater is the Representative of the Ministry of Economy and Trade.

A former employee of the Qatar Central Bank, Khalifa Muhammad Turki al-Subaiy, is a Specially Designated Global Terrorist.

In 2008, the U.S. Department of State described Al-Subaiy as a “Qatar-based terrorist financier and facilitator” for working with al-Qaeda senior leadership, including Khalid Sheikh Mohammed described as “the principal architect of the 9/11 attacks” in the 9/11 Commission Report. Al-Subaiy provided financial assistance to senior al-Qaeda members in Pakistan and helped extremists reach al-Qaeda training camps in Pakistan.

In 2008, the Bahrain High Criminal Court convicted al-Subaiy in absentia for charges of financing terrorism. In March 2008, al-Subaiy was arrested in Qatar but released after six months in September 2009.

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