Qatar Central Bank’s Foreign Reserves Experience Impressive 14.3% Surge in July

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In a remarkable development, Qatar Central Bank’s (QCB) international reserves and foreign currency liquidity witnessed a substantial surge in July, reaching QR 241.572 billion, marking an impressive increase of 14.13% compared to the same month last year, when it stood at QR 211.325 billion.

QCB’s recently released figures on Monday revealed a significant rise in its official reserves at the end of last month, registering a growth of about QR 29.229 billion compared to the corresponding period last year, resulting in a total of QR 183.119 billion. This boost was largely propelled by an increase in central balances of bonds and foreign treasury bills, which escalated by around QR 24.464 billion, reaching a level of QR 137.606 billion in July 2023.

The composition of the official reserves comprises several key elements, including foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar’s share in the International Monetary Fund.

In conjunction with the official reserves, Qatar also holds other liquid assets in the form of Foreign Currency Deposits, thereby forming the collective total foreign reserves.

Furthermore, Qatar’s gold reserves displayed growth, amounting to about QR 7.191 billion by the end of July 2023, compared to the figures of July 2022, which stood at QR 22.131 billion.

In a related context, the State of Qatar’s allotment of Special Drawing Rights (SDR) deposits at the IMF witnessed an increase of QR 120 million by the end of July 2023, in contrast to the data of July 2022, reaching a notable sum of QR 5.313 billion.

However, balances in foreign banks experienced a decline of approximately QR 2.545 billion, reaching QR 18.067 billion by the end of July 2023.

This surge in Qatar Central Bank’s foreign reserves underscores the nation’s strong financial stability and prudent fiscal management, reflecting positively on its economic outlook.