A senior source at the Central Bank of Qatar said that the Bank had been recently buying Euro. The bank will continue to buy Euro until the Euro represents 40% of its total foreign currency reserves. A number of central banks in the Arabian Gulf region have recently revealed that they are discussing the issue of using the Euro currency in terms of reserves.
According to Al-Khaleej newspaper, the senior source estimated at QR 16.5 billion ($4.5 billion) the current volume of the central bank's foreign currency reserves. The same source added that the majority of this reserve is US dollar-denominated.
