Qatar Calls to Investigate UAE Bank’s Bogus Deals

Qatar has asked US regulators to investigate the US subsidiary of the largest bank in the United Arab Emirates, accusing it of “bogus” foreign exchange deals designed to harm its economy as part of a blockade by Persian Gulf Arab neighbors, Reuters reported. The Central Bank of Qatar’s law firm has written a letter to the US Treasury asking it to investigate NBAD Americas, the US subsidiary of First Abu Dhabi Bank, which is majority state-owned. In a second letter, the lawyers asked the US Commodity Futures Trading Commission to investigate possible manipulation of Qatar’s currency, the riyal. The request for an investigation deepens the diplomatic crisis that erupted in June when Saudi Arabia, Egypt, the United Arab Emirates and Bahrain imposed an economic boycott on Qatar, accusing it of supporting Islamist militants and Iran. “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,” said the letter to the US Treasury dated Feb. 26.