UAE central bank weighing financial implications of diplomatic rift with Qatar

UAE Central Bank

Rift between Qatar and four countries – UAE, Saudi Arabia, Egypt and Bahrain – could have financial implications as well with reports in the local media indicating that the UAE central bank is weighing financial implications of diplomatic rift.

The central bank of UAE is yet to issue any guidelines to banks about their dealings with Qatar, but sources have indicated that the bank is weighing in on the options.

The UAE, Saudi Arabia, Egypt and Bahrain cut diplomatic and transport ties with Qatar on Monday, accusing it of supporting terrorism. Sources in Egypt told Reuters that some Egyptian banks had halted business with Qatari banks.

We will report more on this as and when we get to know more about the diplomatic rift as well as its implications on the financial as well as the energy market locally as well as globally.