Qatari banks face “immaterial net exposures” to the Brexit-related currencies such as the pound and euro overall, according to QNB Financial Services (QNBFS).

Brexit will have only “minimal impact” on Qatari banks’ financials, QNBFS said in an alert yesterday.

As far as the British pound is concerned, it said Qatari banks have “negligible net exposures” as a percentage of shareholders’ equity.

Near-term volatility in stock prices could be driven by “subdued” sentiment, lower oil prices and emerging markets’ (EM) risk-off trade (in view of strengthening dollar), QNBFS said. “However, we see little direct impact on company financials due to Brexit. The impending FTSE EM Index inclusion (first tranche in September 2016) remains the next major catalyst for the Qatari market.”

In a stunning and historic move, voters in the UK through a majority has opted to leave the European Union – a decision dubbed the Brexit – making the UK the first country to voluntarily withdraw from the 28-member political and economic bloc.

UAE Exchange Group chief executive officer Promoth Manghat said, “The decision of the people of the UK to leave the EU has turned stock markets highly volatile in various parts of the world. Also, to be noticed is the fall in the British pound against the dollar to which even the Qatari riyal is pegged. “However, a weaker pound/euro and a stronger dollar will impact tourism and real estate as the UK and Europe are major sources for both these sectors. Indian rupee has also depreciated as the British pound weakened, which could impact remittances to India positively. Meanwhile a significant change is expected in the business environment, political platform and socio-economic fabric in the EU and particularly in the UK,” Manghat said.

British Prime Minister David Cameron announced the referendum earlier this year after promising members of his Conservative Party that he would hold an "in-out" vote on the UK’s status in the EU if he won reelection. Leading up to the vote, polls suggested voters would likely stay in the EU, but in a huge upset on Thursday night, "Leave the European Union" scored a narrow victory – 52% to 48%.

Analysts say Brexit’s more significant impact on the world economy may be through financial markets, which can cause consumers to curb spending by hitting people's wealth, or make businesses more cautious about investing and hiring staff.

Brexit could also affect interest rates, if market volatility makes the United States Federal Reserve more reluctant to raise interest rates, as some believe it will.