The QCB, the QFMA and the QFCRA will take steps to reinforce the resilience and efficiency of the payments and settlements system in line with international standards. One important benchmark for Qatar will be the new international standards for the financial market infrastructures (the 24 Principles) that the Committee of Payments and Settlements Systems (CPSS) and International Organization of Securities Commissions (IOSCO) published in 2012. The World Bank has also issued specific guidance regarding different aspects of payment systems such as international remittances and government payment systems.

Strengthening the payments and settlements system.
The QCB, QFMA, QFCRA and other stakeholders will work together in a coordinated and mutually supportive way to develop a resilient and efficient payments and settlements system. The international standards for financial market infrastructures call for objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access. Developing a sound market infrastructure framework that embodies a safe regulatory environment, good governance and effective supervision with clear goals and objectives will also help the QCB to strengthen financial stability, implement monetary policy, manage liquidity and minimise systemic risk in financial institutions and markets in the State.

Expanding participation in the payments and settlements system
QFC banks are not yet direct participants in the payments and settlements system. Closer integration of QFC banks in the payments and settlements system will underpin the development of Qatar’s financial sector and minimise liquidity risk.