DOHA: Qatar’s central bank has hailed the auction three billion riyal in government bonds as a success, Reuters reports.
“It was a very successful auction with big demand. It shows liquidity is fine. The demand was fine from both Islamic and conventional banks,” a spokesman said. He did not disclose further details.
Like its GCC neighbours, Qatar has been hit by a decline in state revenue due to low oil prices. It has been reluctant to curb spending ahead of hosting the 2022 FIFA World Cup, for which $200 billion is being splashed out on infrastructure projects.
The successful auction follows Qatar’s nine billion dollar sale of Eurobonds in May 2016, which marked the largest-ever bond issue in the Middle East. Qatar’s domestic auction excludes some $30 billion in Middle East bond issues this year.
