Doha: Deposit rates at opening, as issued on Wednesday by Qatar National Bank (QNB), reflect a strategic adjustment amidst prevailing global economic conditions. The bank has outlined the deposit rates for various currencies including USD, JPY, CHF, and GBP, as well as regional currencies such as QAR, SAR, AED, and BHD.
According to Qatar News Agency, for USD deposits, the rates start at 3.65217% for 1-month deposits and gradually increase to 3.68268% for 12-month deposits. JPY deposits begin at 0.65000% for 1 month and rise to 1.17000% for 12 months. Meanwhile, CHF deposits have rates starting at -0.33000% for 1 month, moving to 0.15000% for a 12-month term, indicating a slight positive shift over time.
For GBP deposits, the rates are more pronounced, starting at 3.80000% for a 1-month deposit, reaching up to 4.63000% for a 12-month deposit. This reflects a competitive stance in the market to attract GBP deposits over a longer duration.
In the regional context, QNB's deposit rates show varied trends. For QAR, the 1-month rate is 4.05000%, decreasing to 3.75000% for 12-month deposits. SAR deposit rates start at 4.50000% for 1 month and stabilize at 4.30000% from the 2-month to 12-month period. AED deposit rates increase from 2.05000% for 1-month to 3.15000% for a 12-month term, while BHD rates show a decrease from 4.60000% for 1 month to 4.10000% for 12 months.
These latest rates by QNB are indicative of the bank's response to current economic trends and its strategic positioning in the competitive financial landscape.