Sanctions cut Qatar central bank’s foreign reserves by $10.4 bln in June

The Qatar central bank’s net international reserves plunged by $10.4 billion in June to $24.4 billion because of economic sanctions imposed by other Arab states, central bank data showed on Sunday.

Reserves hit their lowest level in at least five years.

Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5, causing some banks and portfolio investment funds to pull money from the country, depleting the reserves.