The Arab countries that have cut ties with Qatar may have more to lose from the spat compared to the gas-rich state they are targeting, according to the group chief executive of the Middle East's largest bank by assets.
The blockade, which first unfolded in June, saw Saudi Arabia, United Arab Emirates, Egypt and Bahrain accusing Qatar of supporting terrorism and allying with regional foe Iran. Qatar denied those claims, but its stock market and currency suffered from the initial shock of the crisis.
The country also experienced the largest fall in non-resident deposits in almost two years right after the rift began. Data by the Qatar Central Bank showed that non-resident deposits declined 7.6 percent to 170.6 billion Qatari riyals ($46 billion) in June from the month before.
Part of the money that left Qatar originated from the countries that initiated the blockade. But that was expected and represents only 3 to 4 percent of total deposits in the banking system, noted Ali Ahmed Al-Kuwari, group CEO of Qatar National Bank.
"I think to replace 3 to 4 percent is not a big deal and let me also remind you there is a two-way relationship. So there's deposits coming from the countries to Qatar and vice versa, Qatar has investments in these economies so it's fair to say for every dollar lost on one side, there's a dollar lost on the other side," he told CNBC.