QATAR

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With a population of 3 million and a forecasted GDP of $222bn in 2025, Qatar, with a population of about 3.1 million and a nominal GDP estimated at €206 billion in 2025, is a small open, high-income economy built on hydrocarbon wealth. Its income per capita is exceptionally high—around €62,573 nominal.

The economy remains deeply resource-dependent, centered on liquefied natural gas, petrochemicals, and related industries. Qatar’s public finances are robust; its debt ratio is very low by advanced-economy standards (below 50% of GDP, last recorded 15% in 2012) and fiscal credibility remains strong.

Structural challenges include reducing dependency on hydrocarbons via continued economic diversification, while managing demographic pressures and social infrastructure. Nonetheless, growth remains solid, supported by sustained energy exports and strategic investment.

Summary

BNP Paribas has been present in Qatar since 1973 with a centre in Doha. The bank offers domestic and cross-border cash and liquidity management, and international trade finance solutions, to corporations headquartered in Qatar that are expanding overseas, and multinational corporations with a presence in Qatar. BNP Paribas is one of only a few international banks that has a presence in every GCC country, enabling customers to benefit from integrated, comprehensive regional solutions and services.

Currency

Qatari riyal (QAR).

	2016	2017	2018	2019	2020
Exchange rate QAR per USD	3.6400	3.6400	3.6400	3.6400	3.6400

Source: IMF, International Financial Statistics, June 2021.

The Qatari central bank is the Qatar Central Bank (QCB - www.qcb.gov.qa).

Bank supervision

Qatari banks are supervised by the QCB's Department of Banking Supervision.
Companies providing financial services from the Qatar Financial Centre (QFC -www.qfc.com.qa) are supervised by the QFC Regulatory Authority (www.qfcra.com).

Bank accounts

A resident company is incorporated under Qatari law, with its head office or place of effective management in Qatar.

	Within QATAR	Outside QATAR
Local Currency	Permitted without restriction, fully convertible	Not permitted
Foreign Currency	Permitted without restriction, fully convertible	Permitted without restriction, fully convertible

	Within QATAR	Outside QATAR
Local Currency	Permitted with restrictions, convertible with QCB approval	Not permitted
Foreign Currency	Permitted with restrictions, fully convertible	Not applicable

Per item-based charges are typically applied on payments between resident and non-resident bank accounts although some banks do apply lifting fees.

BNP Paribas Cash Management Capabilities

Cash collections
Cheque collections
Direct debit collections
Domestic incoming transfers
Virtual IBAN
Virtual accounts
International incoming transfers
Card acquiring

Cash withdrawals
Cheque payments
Direct debit payments
Domestic outgoing transfers
Commercial cards
Virtual cards
International outgoing transfers
SWIFT gpi
Real-time international payments through BNP Paribas’ network
Card issuing

Local e-Banking
Global e-Banking - Connexis
SWIFT/ host to host

Payments & collections

The cheque remains a common payment method in Qatar but there is a gradual shift away from paper-based payments towards electronic methods of payment. As part of the Qatar National Visions 2030, in 2020 the Qatar Mobile Payment System (QMP) was launched to enable immediate electronic payments 24/7. The appetite for digital payments has seen the country’s banks fast-track the digital transformation of their banking services, products and services A number of the country’s leading banks launched contactless payment platforms in 1H 2021, such as Dukhan Bank’s D-Pay, and QIIB’s QIIB Pay,.

Electronic banking services are available from most banks. There is no national electronic banking system in Qatar, so companies use banks’ proprietary services.

Transaction and balance reporting and some transaction initiation services are available.

Online and mobile banking services are provided by the country’s leading banks.

Qatar operates a national online bill payment service, Q-Pay, which is accessed via banks, enabling government and companies to collect payments online. It also enables users to receive salary payments directly into their mobile wallet account.

QPS	Type	Real-time gross settlement.
	Participants	All banks in Qatar.
	Transaction types processed	QAR-denominated interbank transfers. Net obligations from Qatar’s other payment systems.
	Operating hours	07:30–17:00 AST, Sunday to Thursday.
	Clearing cycle details (e.g. cut-off times)	Payments are cleared and settled in real time. Final settlement takes place across participant banks’ correspondent accounts at the QCB.
	System holidays	The QPS is closed on all Qatari bank holidays. Qatar’s bank holidays are: 2nd half 2021: 20-23 July, 18 December. 2022: 1 January, 8 February, 6 March, 2-4 May, 9-14 July, 18 December.
Electronic Cheque Clearing system	Type	Net settlement system.
	Participants	All banks in Qatar.
	Transaction types processed	QAR-denominated cheque payments.
	Operating hours	07:30–17:00 AST, Sunday to Thursday. 07:30–13:00 AST, banks’ operating hours for clearing cheques.
	Clearing cycle details (e.g. cut-off times)	Cheques are truncated into electronic items before being processed via the Electronic Cheque Clearing system. Cut-off time = 14:30 AST. Cheques with a value above QAR 250,000 are processed on a real-time basis, while cheques with a value below this are processed in batches on a net basis at the end of the clearing day. Final settlement takes place across participant banks’ correspondent accounts at the QCB via the QPS. Payments are settled on a same-day basis.
	System holidays	The Electronic Cheque Clearing system is closed on all Qatari bank holidays. Qatar’s bank holidays are: 2nd half 2020: 31 July, 1–3 Aug, 18 Dec. 2021: 1 January, 9 February, 7 March, 13-15 May, 20-23 July, 18 Dec.
QATCH	Type	Automated clearing house.
	Participants	All banks in Qatar.
	Transaction types processed	Low-value (up to QAR 250,000 for direct credit transactions) and high-volume QAR-denominated deposits and direct debits.
	Operating hours	11:00-17:00 AST Sunday to Thursday
	Clearing cycle details (e.g. cut-off times)	Payments are settled on a next-day basis. Cut-off time = 13:00 AST. Final settlement takes place across participant banks’ correspondent accounts at the QCB via the QPS
	System holidays	QATCH is closed on all Qatari bank holidays. Qatar’s bank holidays are: 2nd half 2020: 31 July, 1–3 Aug, 18 Dec. 2021: 1 January, 9 February, 7 March, 13-15 May, 20-23 July, 18 Dec. * The dates shown may vary by plus or minus one day. These dates are derived by converting from a non-Gregorian calendar (e.g., Muslim or Hindu) to the Gregorian calendar. Some of these dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by the sighting of a new/full moon.

Credit transfers are used by companies to pay salaries and suppliers.
High value-credit transfers with a value in excess of QAR 250,000 are processed and settled in real time via the QPS.
Low-value (up to QAR 250,000) and high-volume credit transfers are cleared in QATCH and settled on a next-day basis via the QPS.
The Wage Protection System mandates that the payment of all salaries in Qatar must be made directly into bank accounts. An estimated 1.7 million people receive salaries electronically.
In 2019, the volume of transactions processed via QATCH by 10.6%, to 7.2 million.

Direct debits are used for regular payments, such as utility payments.
Direct debits are limited to individual payments of QAR 250,000. All payments are cleared in QATCH and settled on a next-day basis via the QPS.

The cheque remains an important cashless payment instrument among consumers. However, its use is in decline as consumers and companies shift to electronic payments.
All cheques are truncated into electronic items before being settled via the Electronic Clearing system. Final settlement takes place via the QPS.
Cheque volume and value in 2020 totalled 4,193,154 cheques with a total value of QAR 234,873 million, a decline of 12% and 15% respectively on 2019.

Card payments are increasingly popular, especially for retail transactions. Contactless cards are issued and can be used for payments below QAR 300.
Visa and MasterCard-branded cards are the most widely issued.
All cards issued have EMV chips.

There are approximately 1,107 ATMs in Qatar.
Most ATMs and POS terminals are linked via the Qatar National ATM and POS Switch (NAPS).
Each bank has its own clearing arrangements with the relevant card issuer.
In 2019, NAPS processed 123 million transactions, a 16.4% increase on 2018.
NAPS links to the Gulf Cooperation Council’s (GCC) GCCNet ATM network, as well as to the national networks in Egypt, Iran and Lebanon. (The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.)
All ATMs and POS terminals are EMV-compliant.

The dominant electronic wallet schemes in Qatar are pre-paid cards.
E-money payments are settled via the individual schemes.
Mobile wallet services, such as Ooredoo, QPAY and SkipCash, are available. Adoption of digital payment methods in Qatar is high.

Short term investments

Interest payable on credit balances

Interest is payable on current account credit balances, with QCB approval.

Demand deposits

Demand deposits denominated in QAR or major foreign currencies are available. Terms vary.

Time deposits

Time deposits are available in QAR or major foreign currencies for terms ranging from one month to one year.

Certificates of deposit

Domestic banks issue certificates of deposit for terms of 14 days paying a fixed rate of interest

Treasury (government) bills

The Qatar government issues Treasury bills via auction with maturities ranging from three months to one year.

Commercial paper

Domestic commercial paper is issued by companies in Qatar.
Domestic money market funds for varying terms are popular short-term investment instruments.
Repos with typical maturities of up to a year are commonly available on government securities.These are not generally used in Qatar.

Money market funds

Domestic money market funds are popular short-term investment instruments. Terms vary.

Repurchase agreements

Repurchase agreements are commonly available on government securities.

Banker's acceptances

Banker's acceptances are not generally used in Qatar.

BNP Paribas Trade Finance Capabilities

Documentary credits
Documentary collections

Bank guarantees
Standby letters of credit

Receivables
Payables
Inventory

Connexis Trade
Connexis Supply Chain
SWIFTNet Trade for Corporates
Connexis Connect
Connexis Guarantee
SWIFTnet Supply Chain

BNP Paribas Global Trade Solutions (GTS) team in Qatar is primarily focused on letters of guarantee due to an acceleration in infrastructure development. The branch is supported by a dedicated senior trade salesperson, a trade middle officer and a trade structurer.

International trade

As a member of the Gulf Cooperation Council (GCC), Qatar has entered into a customs union with all GCC member states. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
As a member of the Greater Arab Free Trade Area (GAFTA), Qatar has eliminated most trade tariffs with GAFTA member states. GAFTA comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen.

Qatar has signed free trade agreements (FTA) with European Free Trade Association (EFTA) member states, Australia and Singapore.
Qatar has signed bilateral investment protection agreements with a number of countries, including Belarus, Bosnia and Herzegovina, China, Croatia, Cuba, Finland, France, Germany, India, Iran, South Korea, Morocco, Pakistan, Romania, Senegal, Sudan, Switzerland and Turkey.
The GCC has signed an FTA with EFTA and Singapore. Trade talks are ongoing with the European Union, Mercosur, Japan, China, South Korea, Australia, Pakistan and Turkey. A free trade agreement has been concluded with New Zealand but has not yet been ratified.

Imports	Aircraft	Gas turbines	Cars	Jewellery	Iron piping
Primary Import sources	USA (15.0%)	France (13.0%)	UK (9.0%)	China (9.0%)	Germany (5.0%)	Italy (5.0%)
Exports	Natural gas	Crude petroleum	Fertilisers	Refined petroleum
Export markets	Japan (17.0%)	South Korea (16.0%)	India (14.0%)	China (13.0%)	Singapore (7.0%)

		2016	2017	2018	2019	2020
Exports	- goods USD m	57,309	67,498	84,289	72,935	51,504
Exports	- services USD m	15,176	17,706	18,273	19,111	19,429
Imports	- goods USD m	31,934	30,766	33,307	31,354	24,367
Imports	- services USD m	31,541	31,427	32,504	35,416	34,698
Current account as % GDP		- 5.45	- 5.10	12.5	2.4	- 2.5

Source: IMF, International Financial Statistics, June 2021.