(MENAFN- The Peninsula) Deepak John |The Peninsula
Doha, Qatar: The total assets of commercial banks operating in Qatar increased by 5.6 percent to QR1.99 trillion in March 2024 according to Qatar Central Bank (QCB) official data.
Qatar Central Bank posted on its X platform the key banking sector indicators recorded growth in March this year compared to last year. The key highlights from March 2024 Monthly Monetary Bulletin showed that the total assets of commercial banks saw year-on-year expansion by 5.6 percent to reach QR1.99 trillion.
The total domestic deposits also witnessed a jump by 6.9 percent on yearly basis to reach QR841.1bn in March this year. While the domestic credit in March 2024 soared 4.9 percent year-on-year to QR1.25 trillion.
QCB post further stated that the total broad money supply (M2) increased by 5.4 percent to reach QR742.4bn in March 2024 on year-on-year basis.
Qatar's banking sector is undergoing a transformative shift, adapting to global economic trends and embracing technological advancements. This evolution is marked by a commitment to risk management, FinTech innovation, and international standards, positioning the sector for sustained growth and stability.
In February 2024 the total assets of commercial banks saw year-on-year increase of 5.8 percent to reach QR1.97 trillion. The total domestic deposits also witnessed jump by 9.2 percent on yearly basis to reach QR845.8bn in February this year. While the domestic credit in February 2024 soared 5.8 percent year-on-year to QR1.26 trillion.
While the total broad money supply (M2) increased by 6.5 percent to reach QR747.5bn in February 2024 on year-on-year basis.
Banking supervisions in Qatar is experiencing a paradigm shift as the country adapts to global economic trends and technological advancements. By prioritising risk management, embracing FinTech innovation, and adhering to international standards, Qatar's banking sector is positioned for continued growth and stability.
Last year, QCB unveiled the Qatar FinTech Strategy 2023, which is in line with the Qatar National Vision 2030 goal of promoting diversification and innovation in the financial sector.
The QCB's financial technology vision is based on developing, diversifying and increasing the competitiveness of Qatar's financial technology and services sector through pioneering infrastructure and providing solutions that positively impact the customer experience.
The year 2023 emerged as a year of growth post a period of adaptation and investment in the region, reflecting not only the strength of GCC economies but also the results of effective management, digital transformation and improved return on investments over the past few years.
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