June 6, 2017 / 8:37 AM / in 2 months

Qatar c.bank official: we have huge FX reserves to support riyal

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DOHA, June 6 (Reuters) - A dip by the Qatari riyal against the U.S. dollar in the spot and forwards markets on Tuesday is due to speculation, and Qatar has huge foreign exchange reserves which it can use to support its currency, a central bank official told Reuters on Tuesday.

The official, declining to be named under briefing rules, also said the central bank was watching the financial sector very closely and would provide additional liquidity if the market needed it.

The three-month Qatar interbank offered rate fell to 1.86808 percent on Monday, when Saudi Arabia and the United Arab Emirates severed ties with Doha, accusing it of supporting terrorism. The rate rebounded to 1.94968 percent on Tuesday morning, according to the central bank. (Reporting by Tom Finn; Writing by Andrew Torchia)

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