Qatar Central Bank’s foreign reserves surge by 14% on year-on-year basis
Prudent measures and careful money management has helped Qatar Central Bank’s (QCB) international reserves and foreign currency liquidity to surge by double digits on a year-on-year basis.
Latest numbers released by the QCB shows foreign reserves in June to be at QR240.742bn, a 14% jump, from QR211.176bn during the same month last year.
QCB's International Reserves and Foreign Currency Liquidity continued to grow to reach 240.7 billion Qatari Riyals. Also, QCB's International Official Reserves witnessed a similar growth to reach 182.4 billion Qatari Riyals. For more information you can visit QCB’s website. pic.twitter.com/c674dljpgE
— مصرف قطر المركزي (@QCBQATAR) July 6, 2023
QCB also showed an increase of about QR28.536bn in its official reserves at the end of June to reach QR182.406bn. The change was driven by the increase in central balances of bonds and foreign treasury bills (by QR23.072bn), to reach QR134.682bn by June.
Official reserves consist of major components — foreign bonds and bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar’s share in the International Monetary Fund (IMF).
In addition to official reserves, there are also other liquid assets (foreign currency deposits), and the two together constitute what is known as total foreign reserves.
Qatar’s gold reserves increased by about QR8.617bn to reach QR20.853bn by the end of June.
Meanwhile, the country’s shares of SDR deposits at the IMF increased by QR51m compared to June 2022, reaching QR5.278bn. However, balances in foreign banks declined by about QR3.204bn to reach QR21.583bn by June 2023.
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