Qatar Central Bank Foreign Reserves Surge by 14.3 Percent in July

Qatar Central Bank

International reserves and foreign currency liquidity of Qatar Central Bank (QCB) jumped last July to reach QR 241.572 billion, an increase of 14.13 percent, compared to QR 211.325 billion in the same month last year.

The figures issued Monday by QCB showed an increase in its official reserves at the end of last month, compared to what it was at the end of the same month last year, by about QR 29.229 billion, to reach QR 183.119 billion, driven by the increase in the central balances of bonds and foreign treasury bills about QR 24.464 billion, to the level of QR 137.606 billion in July 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 July 2023, by about QR 7.191 billion, compared to July 2022, to reach QR 22.131 billion.

Meanwhile, the State of Qatar's shares of SDR deposits at the IMF increased as of the end of July 2023 by QR 120 million compared to July 2022, reaching QR 5.313 billion.

Balances in foreign banks declined by about QR 2.545 billion to reach QR 18.067 billion at the end of July 2023.

(QNA)