Qatar Central Bank reports 3.89 percent yr/yr increase in foreign currency reserves
(MENAFN) The Qatar Central bank (QCB) reported a 3.89 percent year-over-year increase in its foreign currency reserves and liquidity, reaching QR250.981 billion in July 2024, up from QR241.572 billion in the same period of 2023. This growth reflects an overall improvement in QCB’s financial position, underscoring a positive shift in its foreign currency management.
The official reserves of QCB showed a significant increase by the end of July 2024, amounting to QR192.157 billion, up by approximately QR9.038 billion from QR183.119 billion in July 2023. This rise is attributed to a notable increase in QCB's holdings of foreign bonds and treasury bills, which grew by around QR1.091 billion to reach QR138.697 billion in July 2024.
The reserves are composed of several key components, including foreign bonds and treasury bills, balances with foreign banks, gold, Special Drawing Rights (SDR), and Qatar’s share with the International Monetary Fund (IMF). Among these, gold reserves saw a substantial increase, rising by QR8.551 billion to a total of QR30.682 billion by the end of July 2024 compared to the previous year.
Conversely, balances with foreign banks decreased by nearly QR457 million, bringing the total to QR17.610 billion at the end of July 2024. Additionally, the balance of Special Drawing Rights (SDR) deposits from Qatar’s share with the IMF fell by QR147 million, reaching QR5.166 billion. These variations reflect shifts in QCB’s reserve composition and liquidity management over the past year.
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