Qatar sues Luxembourg, UAE, Saudi banks in FX manipulation case
09 Apr 2019

Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017.

The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the United Arab Emirates’ First Abu Dhabi Bank (FAB) and Saudi Arabia’s Samba Bank, a statement from Qatar’s government communications office said.

None of the banks had any immediate comment on the Qatari accusations.

Qatar said Banque Havilland tried to weaken the country’s riyal currency by submitting what the statement called fraudulent quotes to foreign-exchange platforms in New York, to disrupt indices and markets where significant Qatari assets and investors are located.

By Eric Knecht and Dmitry Zhdannikov, Reuters, 8 April 2019

Read more at Reuters

Photo: [CC BY 2.0], via Wikimedia Commons

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