The Treasurer’s Guide to Trade Finance

Qatar

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 174 bn Goods Exports 114

GDP per capita (USD) 92,791 Imports 27

GDP volume growth (year-on-year) + 14.1% Net + 87

Population 1.87m Services Exports 7

Central bank policy rate (end period) 4.50% Imports 17

Exchange rate QAR / USD (year average) 3.6400 Net – 9

BoP (goods, services & income) as % of GDP + 3.7% Sources: IFS, IMF, January 2013 and Qatar Central Bank

International/regional memberships

Gulf Cooperation Council (GCC):

since 25 May 1981.

The Organization of Oil Exporting Countries

(OPEC): since 1961.

International Monetary Fund (IMF):

since 8 September 1972.

World Trade Organization (WTO):

since 13 January 1996.

Government trade policy

ƒ Much of Qatar’s trade policy is directed

through its membership of the GCC

(www.gccsg.org/eng/index.php).

ƒ As a GCC member, Qatar is able to trade

with other GCC member states (Bahrain,

Kuwait, Oman, Saudi Arabia and the UAE)

without investment and service trade barriers.

ƒ Through the GCC common market, launched

in 2008, Qatari businesses and citizens

receive national treatment in all GCC

countries.

ƒ The GCC also operates a customs union

in which members are subject to unified

customs duties.

ƒ GCC member states have signed bilateral

trade agreements with several countries, and

negotiations are ongoing with the European

Union and ASEAN (the Association of

Southeast Asian Nations). In 2009 the GCC

signed a free trade agreement with the

European Free Trade Association (EFTA).

ƒ Qatar maintains two free trade zones (FTZ),

the Qatar Science and Technology Park and

the Qatar Financial Centre. Further FTZs

are planned for the near future at Doha

International Airport and New Doha Airport.

Currency and exchange controls

Official currency: Qatari rial (QAR).

Exchange rate arrangement: pegged to the

USD at a rate of QAR 3.64 to USD 1.

Qatar does not impose foreign exchange

controls.

Bank accounts

ƒ In Qatar, no distinction is made between

resident and non-resident company accounts.

ƒ Resident companies can hold foreign

currency bank accounts within and outside

Qatar.

ƒ Non-resident companies can hold local

currency bank accounts and foreign currency

bank accounts within and outside Qatar.