(MENAFN) According to official data from the Qatar Central Bank (QCB), the total assets of commercial banks operating in Qatar experienced a notable increase of 5.6 percent, reaching QR1.99 trillion (USD546,5 billion) in March 2024. The QCB's Monthly Monetary Bulletin highlighted several key indicators demonstrating growth within the banking sector compared to the previous year.
Alongside the expansion in total assets, domestic deposits also saw a significant rise, surging by 6.9 percent year-on-year to QR841.1 billion in March 2024. Additionally, domestic credit exhibited robust growth, increasing by 4.9 percent to QR1.25 trillion during the same period. The total broad money supply (M2) expanded by 5.4 percent, reaching QR742.4 billion in March 2024 on a year-on-year basis.
The evolving landscape of Qatar's banking sector reflects a strategic response to global economic dynamics and the integration of technological innovations. With a focus on risk management, the adoption of FinTech solutions, and adherence to international standards, the sector is poised for continued growth and stability.
In February 2024, the upward trajectory observed in the banking sector persisted, with total assets of commercial banks increasing by 5.8 percent year-on-year to QR1.97 trillion. Notably, domestic deposits recorded a notable surge of 9.2 percent compared to the previous year, reaching QR845.8 billion in February 2024. Concurrently, domestic credit experienced robust growth, rising by 5.8 percent year-on-year to QR1.26 trillion. The total broad money supply (M2) also demonstrated positive momentum, increasing by 6.5 percent year-on-year to QR747.5 billion in February 2024.
These trends underscore the resilience and adaptability of Qatar's banking sector amidst evolving economic conditions, positioning it as a key driver of growth and innovation within the country's financial landscape.
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