Qatar's Banking Sector Sees Growth In Deposits And Credit Facilities
Date
9/20/2024 4:59:16 AM
(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha: Qatar's banking sector saw significant growth in July this year as commercial banks witnessed a surge in deposits and credit facilities.
The total deposits stood at QR1032.554bn in commercial banks in July 2024 compared to previous month of this year which amounted to QR1031.817bn showing a yearly rise of 11.3 percent, according to data by National Planning Council (NPC).
The public sector deposits for July this year stood at QR366.186bn in commercial banks representing a rise of 21.4 percent on a yearly and a decline of 0.2 percent monthly basis. On the other hand, private sector deposits totaled QR466.862bn in the review period recording a jump of 4.6 percent on a year-on-year basis.
The non-resident deposits in commercial banks in July this year amounted to QR199.506bn registering an increase of 10.9 percent and 1.3 percent on a yearly and monthly basis respectively.
According to the official data Qatar's commercial banks credit facilities amounted to QR1336.382bn during July 2024 registering an increase of 7.4 percent on yearly basis and monthly rise of 0.9 percent. The public sector credit facilities totaled QR389,326bn showing a rise of 8.1 percent and 1.9 percent on yearly and monthly basis.
While the private sector credit facilities during the review period stood at QR884.099bn seeing a yearly and monthly growth of 6.9 percent and 0.5 percent respectively.
The non-resident credit facilities in commercial banks stood at QR62.957bn showing yearly increase of 10.1 percent.
The money supply1 (M1) amounted to QR150.655bn during July 2024, while the money supply2 (M2) recorded about QR742.412bn during July this year showing an annual and monthly rise of 0.9 percent and 1.5 percent. The money supply3 (M3) amounted to QR727.412bn during the review period showing a yearly rise of 11.3 percent and monthly decline of 0.3 percent.
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