December 5, 2017 / 3:56 PM / a year ago

RPT-No net outflows from Qatari banking sector in November, QNB says

(Repeats with no changes to text, after a related news alert was corrected)

DOHA, Dec 5 (Reuters) - There were no net outflows of funds from Qatar’s banking sector in November, the head of economics at Qatar National Bank, the country’s largest bank, said on Tuesday.

Institutions and investors from other Gulf states pulled billions of dollars of deposits out of Qatari banks in the months after four Arab countries imposed an economic boycott of Doha in June.

Rory Fyfe told an international business conference that net outflows had now ceased. He also predicted the non-hydrocarbon part of Qatar’s economy would grow 4.5 percent this year.

Outflows from banks have decreased in recent months as Gulf depositors have run out of remaining funds to withdraw, and as Qatari banks have found new sources of foreign money. (Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia)

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