“The Qatari stock market fell to the lowest level in 6 years because of the diplomatic crisis

– The main stock index of Qatar QE Index at the end of trading on Monday fell to the lowest level since August 2011 due to the lack of progress in the negotiations, which were to put an end to diplomatic and economic isolation of the middle East States. By the end of the session, QE Index fell 0.5% to 8117,41 points, according to the auction. With the start of the crisis, the indicator lost 18%.

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The fall of the Qatari market in 2017 is 25% in dollar terms (22.2% in the national currency) and is the most significant among the world’s major indicators tracked by Bloomberg.

Saudi Arabia is not yet ready for dialogue with Qatar, said U.S. Secretary of state Rex Tillerson after a conversation with Saudi crown Prince Mohammed bin Salman. Some experts had hoped that the visit of R. Tillerson to the middle East, during which U.S. Secretary of state visited Riyadh, and Doha, Qatar mark the easing of the crisis.

As reported, on June 5, Saudi Arabia, Egypt, United Arab Emirates and Bahrain announced the severance of diplomatic relations with Qatar, accusing the authorities of supporting terrorist organizations. Later they were joined by a number of other Muslim countries.

Later it was discontinued transport and economic ties to many middle Eastern countries with Qatar. According to Moody’s Investors Service in June-July Qatar was forced to pour $40 billion to support the economy and financial system because of the diplomatic crisis.

Earlier in October, the Central Bank of Qatar has suddenly introduced changes in the accounting system, which increased the assets of the country in hard currency by almost half, reports Fox Business. In a very concise statement of the Central Bank it was noted that he thereby implements the technical advice of the International monetary Fund (IMF) from 2016.

Meanwhile, IMF officials expressed surprise at such a late reaction to recommendations and the lack of early warnings. Investment authority of Qatar (QIA) to sell a significant amount of assets from its portfolio with a volume of over $320 billion to support the country’s economy.

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