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4 January 2018 02:56 pm

QCB announces increase in international reserves: GCC Crisis Updates Week 31

Khadiza Begum
Khadiza Begum
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Here’s what has happened since last week’s updates:

31 December

Qatar Central Bank (QCB) announced that its  international reserves and foreign currency liquidity showed a slight increase in November 2017. Reserves and liquidity rose to $ 36.9bn in December from $36.1bn in October, data showed. Governor of the Qatar Central Bank H.E. Sheikh Abdulla Bin Saoud Al-Thani said the available reserves are more than enough to both protect the Qatari riyal, and for monetary policy tools.

1 January

Qatar’s Assistant Undersecretary for Agriculture and Fisheries Affairs, Sheikh Dr. Faleh bin Nasser Al Thani has said two agricultural projects will continue production of locally-grown vegetable produce throughout the year, increasing self-sufficiency. The third month of this season has seen agricultural production in Qatar rise by 60% compared to just 21% last year.

Saudi Arabia and the UAE have introduced a Value-Added Tax (VAT), while Qatar and other GCC states are likely to introduce it either later this year, or in 2019. Saudi Arabia also increased petrol prices in the country by 127%.

2 January

All six GCC states will be represented when chief lawmakers meet for a conference in Kuwait on 8 January, 2018, Kuwait’s National Assembly Speaker Marzouq Al Ghanim has said. Kuwait was also the venue of the recent 2017 GCC Summit which ended in failure.

(Turkey's President Recep Tayyip Erdoğan (right) shakes hands with Qatar's Emir HH Sheikh Tamim bin Hamad Al Thani prior to their meeting at the Presidential Palace in Ankara, Turkey, Photo Credit: AP)

Turkey, which rushed to Qatar’s aid in the wake of an illegal blockade, has said it will further increase cooperation with the country in various field. The announcement was made by Turkish Minister for Transport and Maritime Affairs, Ahmet Arslad.

3 January

Al Jazeera has condemned attempts being made to damage its credibility by people using fake social media accounts. In a statement, Al Jazeera Media Network said individuals and groups are working to damage its credibility with fake social media handles providing fake news.

Iran's news agency (IRNA) reported that the 13th summit of the OIC parliament speakers will be held from January 16-17 in Tehran. Iran's Parliament Speaker Ali Larijani invited Qatar Parliament Speaker Ahmed bin Abdullah al-Mahmoud to attend the summit.

What do you think of these latest developments? Let us know in the comments below, and don't forget to like and share this article!