Qatar wealth fund places deposits with local lenders

Doha

QATAR'S sovereign wealth fund has injected deposits into local banks to shore up liquidity as an ongoing Saudi-led campaign to isolate the gas-rich Arab state hurts lenders, according to people familiar with the matter.

Qatar Investment Authority (QIA) has placed billions of dollars of cash with Qatari lenders after some banks in Saudi Arabia, the United Arab Emirates and Bahrain started withdrawing funds from the country amid the standoff, the people said, asking not to be identified because the information is private. The exact amount of funding provided by the sovereign fund isn't clear, they said.