Qatar Central Bank foreign reserves surge by 14%

Qatar Central Bank

International reserves and foreign currency liquidity of Qatar Central Bank (QCB) jumped in June to reach QR240.742 bn, an increase of 14 percent, compared to QR211.176 bn in the same month last year.

The figures issued on Thursday by QCB showed an increase in its official reserves at the end of the last month, compared to what it was at the end of the same month last year, by about QR28.536 bn, to reach QR182.406 bn, driven by the increase in the central balances of bonds and foreign treasury bills about QR23.072 bn, to the level of QR134.682 bn in June 2023.

The official reserves consist of major components, which are 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 addition to the official reserves, there are other liquid assets (foreign currency deposits), so the two together constitute what is known as the total foreign reserves.

Relatedly, gold reserves increased, as of the end of June, by about QR8.617 bn to reach QR20.853 bn.

Meanwhile, the State of Qatar's shares of SDR deposits at the IMF increased as of the end of June 2023 by QR51 mn compared to June 2022, reaching QR5.278 bn.

Balances in foreign banks declined by about QR3.204 bn to reach QR21.583 bn at the end of June 2023.