August 22, 2017 / 10:43 AM / a year ago

Qatar deposits $6.9 bln in banks in July to offset crisis outflows

DUBAI, Aug 22 (Reuters) - Qatar’s government deposited nearly $7 billion in the local banking system during July to offset a pull-out of funds by banks from other Arab states due to the region’s diplomatic crisis, Qatari central bank data showed on Tuesday.

Foreign customers’ deposits at banks in Qatar - the vast majority in the form of foreign-currency deposits - shrank to 157.2 billion riyals ($43.2 billion) last month from 170.6 billion riyals in June.

But total deposits at banks in Qatar rose during July, to 772.5 billion riyals from 770.7 billion riyals, because of a $6.9 billion jump in the Qatari public sector’s foreign currency deposits, the data showed. That followed a $10.9 billion injection by the government in June, when the crisis began. (Reporting by Andrew Torchia; Editing by Robin Pomeroy)

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