Posted on May 16, 2011

HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud Al Thani Monday announced that the QCB has offered treasury bills by QR 2 Billion to the banking sector to manage the liquidity of the local banking sector. QCB will continue issuing the QR 2 Billion per month in the coming period, the governor said after the inauguration of the Second Qatar-Hungary Banking and Financial Information Technology Symposium here today.

Leading IT companies from Hungary are participating in the symposium dealing with critical data security and application of banking systems through the Internet and mobile devices. The governor was happy to emphasize the continuation of Qatar's link to US dollar and expressed his commitment to the GCC Monetary Union's policy which is based on the dollar peg. Regarding the Symposium, HE Sheikh Abdullah said it is a good opportunity for Qatari banks to learn about the products and services from Hungarian IT companies which deal with banking data confidentiality, security and system applications.

All this is part of Qatar's national vision to promote a knowledge-based economy, he said. On the probability of QCB entering into agreements with Hungarian IT companies, the governor said the bank currently has no such intention and added that these companies' services can be utilised by commercial banks, not only central banks. Speaking on the occasion, HE Hungary's Ambassador to Qatar Laszlo Szabo thanked the QCB and HE Sheikh Abdullah for the "continuous assistance and cooperation in organising this Symposium". "A year ago we started in the hope that we create a tradition and by these events (the first Symposium was held in November 2010) we further strengthen the cooperation between the business entities of our countries," said the Ambassador.

Bilateral economic cooperation between Qatar and Hungary is continuously strengthening . Earlier this January, the Doha-Budapest flight operator by national carrier Qatar Airways was inaugurated , thus creating a direct link between Hungary and the Qatar.