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[size=30]Qatar is investigating a scheme to hit its currency[/size]
12/11/2017 09:56 | Number of readings
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Trend Press - Qatar
Qatar has opened an investigation to uncover the truth about an attempt to manipulate its currency in the first weeks of the crisis with Gulf states that have entered their sixth month, a government spokesman said.
An unnamed international financial organization, partly owned by UAE investors, has been given instructions to stop trading in Qatari rials in Europe and Asia, said Saif bin Ahmed al-Thani, director of the government liaison office.
Al Thani's revelations are a new chapter in the crisis between Qatar and its Gulf neighbors and Egypt.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar on June 5 and imposed economic sanctions after accusing it of supporting terrorism. Doha rejects the charges.
"If this financial war turns out to be true, it is shameful and dangerous not only for the Qatari economy, but for the international economy," he said. "One of the financial institutions stopped trading in Riyal for several days, and after we reviewed it," he said.
The Qatari intelligence services have opened an investigation and "have been in contact with law enforcement officials in the areas concerned."
It comes days after the United States-based website, The Interspect, unveiled a plan to launch a financial war against Doha.
Qatar says e-mails leaked to the UAE ambassador in Washington, Yusuf al-Otaiba, revealed a complex plot to hit the Qatari riyal by manipulating bonds and derivatives.
According to Doha, the plan aims to hit Qatar's economic stability to force it to abandon hosting the World Cup in 2022.
Al-Thani said Qatar had been alerted to the issue of the riyal in July and re-examined the issue following recent media reports. "They are definitely attacking (hosting the World Cup) in 2022 in one way or another," Al-Thani added.
Qatar is the first Arab country to be selected to host the FIFA World Cup, and has launched massive construction projects in preparation for the event, which called for a large flow of labor.
The UN's International Labor Organization (ILO) ended a three-year investigation into allegations of mistreatment of workers in Qatar.
A statement issued by the organization on November 8 said its board had decided "to close the complaint concerning Qatar's non-compliance with the Forced Labor Convention No. 29 of 1930 and the Convention No. 81 of 1947 on labor inspection." C
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