HH the Emir Sheikh Hamad bin Khalifa al-Thani has issued the Law No.13 of 2012 regulating the functioning of the Qatar Central Bank (QCB) and its allied financial institutions.
The most significant aspects of the law which consists of 238 Articles are that henceforth QCB shall be deemed as an autonomous corporate body with its own budget and shall be under the direct control of HH the Emir. Its capital money will be QR50bn and will be fully owned by the government. Ensuring financial stability, supporting all developmental activities and strengthening the national economy will be among its primary goals.
The QCB shall be headed by a governor to be appointed on the basis of an Emiri decision. He will function in the rank of a minister and be responsible for implementing all policy matters and efficient administration. His term of office will be for five years which may be extended further for a similar period. He will represent QCB in Courts of Law and in all dealings with third parties.
Among the other salient points of the law are: The QCB shall have a board of directors to be presided over by the Governor. It will include the Deputy Governor and at least 5 members among whom there shall be representatives from the Ministries of Economy and Finance; and Business and Trade. The board should meet at least once in every three months.
QCB is exempted under the law from all taxes and fees that may be due on its capital and assets; its transactions and profits.
Gulf Times
10 December
