Qatar investigates UAE plan to devalue its currency

Qatar investigates UAE plan to devalue its currency
From Al Jazeera - November 12, 2017

Qatar has opened an investigation into claims of an alleged plot by the UAE to weaken its currency in the early stages of the Gulf diplomatic crisis, according to a government spokesman.

Qatar was alerted to the issue in July and re-examined it following recent media reports, saidSheikh Saif bin Ahmed Al Thani, director of the government communications office, on Sunday.

US-based investigative news website The Intercept revealed on Thursday that a plan for the UAE to manipulate Qatar's economy and strip the country of the 2022 football World Cup was found in the email account of Yousef-al-Otaiba, the UAE ambassador to the US.

"The Qatari government, through its various entities, including the central bank, is working on confirming and identifying these reports," Al Thani told AFP news agency.

He added thatan unnamed financial institution stopped trading in Qatari Riyals "for a few days" and only resumed after "we reached out to them".

"If this financial warfare is true, it is disgraceful and dangerous not only to Qatar's economy, but the global economy."

The Intercept said it had received the information from the Global Leaks company.

The plan to weaken the Qatari economy was prepared by Banque Havilland, a Luxembourg-based bank.


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