Qatar sues UAE, Saudi banks in forex manipulation case

  • 2 years   ago
Qatar sues UAE, Saudi banks in forex manipulation case

Qatar said on Monday it had recorded claims against three banks, blaming them for utilizing what it called overseas currency manipulation its economy in the wake of a blockade against the nation in 2017. 

The cases, recorded in London and New York, name Luxembourg-based Banque Havilland, the United Arab Emirates' First Abu Dhabi Bank (FAB) and Saudi Arabia's Samba Bank, an announcement from Qatar's administration correspondences office said. 

None of the banks had any prompt remark working on it. 

Qatar said Banque Havilland attempted to debilitate the nation's riyal cash by submitting what the announcement called fake statements to remote trade stages in New York, to disturb records and markets where critical Qatari resources and speculators are found. 


The announcement did not really expound on the allegations against FAB and Samba Bank, nor did it express the degree of the supposed harm or remuneration being looked for. 

Qatar's national bank started a test into supposed outside trade control in late 2017 after it said anonymous banks were hoping to assault the riyal by exchanging it between themselves seaward at falsely powerless dimensions - to make a dream Qatar's economy was disintegrating. 

The riyal has been pegged to the US dollar at a rate of 3.64 for over 10 years, however in the underlying months of the blacklist it exchanged as low as 3.8950 seaward before coming back to typical dimensions. 

With more than $300 billion in national bank stores and sovereign riches support resources, brokers state Qatar has adequate monetary capability to square assaults on its cash.