Qatar’s banking sector shows robust growth, stability in May
Date
7/11/2024 5:06:14 AM
(MENAFN) Qatar's banking sector continues to demonstrate robust growth and stability, solidifying its stature as a key player in the regional financial landscape. According to official data from the Qatar Central bank (QCB), the total assets of commercial banks operating in the country expanded by 5.1 percent to QR1.98 trillion as of May 2024. This growth underscores the sector's resilience and ability to adapt amidst evolving economic conditions.
The May 2024 Monthly Monetary Bulletin, published on the QCB's platform, highlighted several key indicators that exhibited positive year-on-year growth. Apart from the increase in total assets, domestic deposits surged by 8.4 percent to QR843.3 billion, while domestic credit rose by 5.1 percent, reaching QR1.26 trillion. Moreover, the broad money supply (M2) expanded by 5.9 percent, totaling QR740.2 billion compared to the previous year.
The Qatar Central Bank has played a pivotal role in this trajectory by enhancing governance, transparency, accountability, and regulatory frameworks. These efforts are instrumental in fostering a healthy financial ecosystem that supports sustainable economic development and investor confidence.
Regulators in Qatar have been proactive in adapting to international standards and evolving economic dynamics to sustain the sector's growth momentum. In April 2024, preceding the May data, total assets of commercial banks grew by 3.7 percent to QR1.96 trillion, while domestic deposits and credit also showed significant year-on-year increases, reflecting continued positive momentum in the banking sector.
As Qatar's banking sector navigates through global economic challenges and opportunities, its steadfast growth trajectory underscores its resilience and strategic positioning in the regional financial landscape. The ongoing efforts by regulatory authorities to maintain stability and compliance with international norms are crucial in ensuring sustained growth and stability in the sector.
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