Qatar c.bank says to issue 7 billion riyals debt

DUBAI, March 10 Sun Mar 10, 2013 1:23am EST

DUBAI, March 10 (Reuters) - Qatar's central bank said on Sunday that it would issue 4 billion riyals ($1.1 billion) worth of local currency sukuk and 3 billion riyals worth of local currency conventional bonds, as part of an adjustment of monetary policy and in order to help commercial banks meet Basel III liquidity requirements.

The central bank did not give the time period for these issues; it said the timing would be announced later. Local currency debt will be issued every quarter, half with three-year maturities and half with five-year, it said in a statement.

Last Thursday, the state-run Qatar News Agency reported that the central bank would sell a combined 4 billion riyals of three- and five-year bonds and sukuk. There was no explanation of why the QNA report differed from the central bank statement.

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