The Qatar Central Bank (QCB) launched its strategy for 2024-2030 yesterday, in line with the Qatar National Vision 2030 and the Third National Development Strategy, and in adherence to the Third Financial Sector Strategy.
The strategy includes over 25 key initiatives and more than 200 projects, and aims to deliver over 15 outcomes. Qatar Central Bank’s strategy covers several facets of the financial sector. This includes innovation and sustainable development to enhance capabilities, address future challenges, and strengthen the financial sector.
It also focuses on advancing financial technology, market development, and creating new opportunities for innovation. It also emphasized the importance of leveraging the potential of data revolution, digital transformation, ESG practices, and sustainable finance.
Roadmap to 2030
Qatar Central Bank’s strategy serves as an essential roadmap, integrating visionary goals with ambitious aspirations to foster a more advanced future for Qatar’s financial sector. It aims to keep pace with global advancements and transform challenges into opportunities for growth and prosperity.
The Qatar Central Bank’s new strategy is a clear and forward-looking vision that seeks to cultivate a financial sector that is both sustainable and resilient, positioning the State of Qatar to achieve greater diversification and innovation.
This vision is anchored by a mission dedicated to enhancing financial stability, transparency, inclusion, and excellence in central banking practices. It emphasizes a commitment to data-driven policies that not only bolster the national economy but also foster innovation, embrace emerging technologies, and promote comprehensive engagement with stakeholders both domestically and internationally.
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Strategy’s four key pillars
The Qatar Central Bank strategy for 2024-2030 includes five core values: Integrity, excellence, innovation, sustainability, and inclusion.
The Qatar Central Bank’s strategy also includes four strategic pillars:
- Financial resilience and soundness: Ensuring effective supervision, maintaining financial stability, safeguarding customer interests, and preparing to tackle various challenges.
- Market development and product diversification: Enabling a great role in financing and supporting economic transformation.
- Digital transformation and payments: Advancing digital transformation, optimizing data management in the financial sector, and upgrading payment infrastructure.
- Research and international collaboration: Focusing on advanced research and analytics while fostering collaboration on financial and economic issues.
The central bank also outlined several themes to support these pillars including operating model, digital and data infrastructure, and human capital. The themes also include internal and external communication and public relations, and environmental, social, and governance (ESG) practices.
The Qatar Central Bank underscores that its new strategy embodies its aspirations and confidence in its ability to achieve excellence. The bank has also committed to executing its objectives with a focus on superior quality, distinctive performance, and unwavering support for the community.
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