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Qatar to grant licences to GCC banks

Qatar Central Bank will grant licences to Gulf Cooperation Council banks to open branches in the country, the Qatar government said. Qatar’s committee for economic and investment affairs said the licenses for new banks will be given according to criteria set out by the central bank. Currently Qatar has around 18 banks, which is relatively large number when compared to the small population of the country. Usually GCC member countries grant banking licences to lenders on a reciprocal basis, so when two of any countries agreeing to ease rules on applications of each other.

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