World Economy

Qatar Eases Bank Laws for Expats

Qatar Eases Bank Laws  for ExpatsQatar Eases Bank Laws  for Expats

Qatar’s central bank is easing its banking rules for expatriates, as it grapples with a regional economic boycott about to enter its sixth month. The regulator ordered lenders to allow foreign workers to conduct normal banking transactions for 90 days after the expiry date of their visa, according to a statement posted on its website Sunday, Bloomberg reported. The rule change is in line with an existing policy allowing expatriates to stay for three months from the end of a residency permit. The law “aims to facilitate the transactions of residents in Qatar and to ensure the proper functioning of their financial affairs,” the central bank said in the statement. Qatar’s banks, like others in the six-nation (Persian) Gulf Cooperation Council (Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, and Oman), have typically blocked expat accounts once residency is canceled or expires to ensure debts are settled before they leave the country. Sunday’s order follows landmark legislation in August granting permanent residency to some of the foreigners who dominate Qatar’s population.


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