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QCB Bans Loans for Stock Trading - Qatar

The Qatar Central Bank has issued a directive to all banks in the country to cease giving loans to those seeking money to invest in shares. In an interactive programme Lakom Al Karar, produced by Qatar Foundation for Education, Science and Community Development and broadcast on Qatar Television (QTV), Minister of Finance and Acting Minister of Economy and Commerce H E Yousuf Hussain Kamal said: "The QCB has banned loans for the purpose of buying shares."

The move follows many Qataris incurring huge debts due to amounts taken from banks in order to dabble in the stock market. With the Doha Securities Market (DSM) not faring very well, they are now finding it difficult to make ends meet as chunks are deducted from their salaries every month as repayments. Kamal also said that from next March, the DSM will become an independent entity with no connection to the Ministry of Economy.

Speaking on the economic situation, the Minister stated: "We do not pretend our laws and measures are 100 per cent and are now at their very best. Laws can always be reviewed and revised." He also stressed the importance of all companies to lay out their future plans such as new projects or expansions at their annual general meetings (AGMs).

He asked small investors to ensure they attend the various symposiums which are meant to help in understanding the stock market. "As per my knowledge, a number of specialists have been brought here to address investors. But unfortunately, very few attended the meetings."

Kamal suggested that investors take advice from experts before entering the market. "We have an electronic page which provides all information to educate the investor. Anyone not specialising in the markets should get advice from experts," he said.-(MENAFN)

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