Qatar can defend its economy and currency: Finance Minister

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Qatar's Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon

Doha: Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on Monday.

He added that the countries which had imposed sanctions would also lose money because of the damage to business in the region.

“A lot of people think we’re the only ones to lose in this… If we’re going to lose a dollar, they will lose a dollar also.”

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. The sanctions have disrupted flows of imports and other materials into Qatar and caused many foreign banks to scale back their business with the country.

But Emadi said the energy sector and economy of the world’s top liquefied natural gas exporter were essentially operating as normal and that there had not been a serious impact on supplies of food or other goods.

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