Sabre Gold Mines Corp (SGLDF)

[goldenpolarbear]

Three months after it was cast into unprecedented isolation by its neighbors, Qatar is counting the economic cost.

The gas-rich nation burned through $38.5 billion of its vast financial reserves in June and July, ratings agency Moody's estimated this week. And there's no sign of the dispute being resolved any time soon.

"In the short term, we expect tensions to persist, quite possibly to escalate," Moody's said in a report on Wednesday. "The severity of the dispute is unprecedented."

On June 5, Saudi Arabia, United Arab Emirates, Bahrain and Egypt cut all diplomatic and transport links with Qatar, accusing it of supporting terrorism. Qatar denies the accusations.

Qatar had in the past relied heavily on Saudi Arabia and the United Arab Emirates for much its imports, including a third of its food supply. It also imported most of its construction materials from the two countries.

Now it has to rely on alternative sources such as Turkey and Iran, paying more for food and medicine.

Pressure on currency and banks
The crisis has put pressure on the Qatari currency, and the country has been forced to dip into its reserves to maintain the riyal's value against the dollar.

"The exchange rate has experienced significantly increased volatility since June," said Alexander Kuptsikevich, an analyst at FxPro. "The continuation of the diplomatic crisis causes doubts regarding how capable the authorities will be in terms of maintaining the existing course in the foreseeable future."

http://money.cnn.com/2017/09/14/news/economy/qatar-isolation-economy-reserves/index.html

Major shareholders.. Fahad Al Tamimi http://www.georgianmining.com/investors/

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