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Qatar Asks USA To Probe Financial Manipulation By UAE
March 20, 2018 - Written by Maxamed Sulayman

 

Qatar-(Maalimahanews)-Qatar’s central bank has asked US regulators to investigate an Emirati bank that Doha accuses of waging “financial warfare” against it.Qatar claims NBAD Americas, the US subsidiary of First Abu Dhabi Bank (FAB), is engaging in “bogus” foreign exchange deals intended to undermine the Qatari riyal and harm its economy. FAB is the largest bank in the United Arab Emirates (UAE) and majority state-owned.

 

The Central Bank of Qatar’s law firm has written a letter to the US Treasury Department asking it to investigate the UAE bank for “financial warfare”.

 

In another letter, the New-York based law firm leading the investigation – Paul, Weiss, Rifkind, Wharton & Garrison – asked the US Commodity Future Trading Commission (CFTC) to investigate alleged manipulation of Qatar’s currency.

 

“We believe NBAD has participated in an extraordinary and unlawful scheme to wage financial warfare against Qatar, including through the manipulation of Qatari currency and securities markets,” the law firm stated in a letter to the US Treasury dated February 26, which was seen by Reuters news agency.

 

“These actions should be halted immediately, and we ask that you investigate whether NBAD has directly or indirectly supported the manipulation of Qatar’s markets, including through NBAD America’s dollar-clearing or correspondent banking services in the United States,” the letter said.

 

The UAE – along with Saudi Arabia, Egypt and Bahrain – have imposed an economic blockade on Qatar since last June. The four countries accused Qatar of supporting “terrorism” – an allegation Qatar denies.

 

 

The news of alleged financial manipulation comes just days after US President Donald Trump fired former Secretary of State Rex Tillerson, who was a vocal critic of the blockade and seen as a “voice of moderation” on key foreign policy issues.

 

The blockading countries have refused to step down on their list of demands for Qatar, which include shutting down Al Jazeera and cutting ties with Iran.

 

 

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