(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: The total assets of commercial banks operating in Qatar increased by 6.8 percent to QR2 trillion in August 2024 according to official data by Qatar Central bank (QCB).
QCB posted on its X platform, recently the key banking sector indicators recorded growth in August this year compared to last year. The key highlights from August 2024 Monthly Monetary Bulletin showed that the total assets of commercial banks witnessed year-on-year expansion by 6.8 percent to reach QR2 trillion.
There was also a surge of 11.9 percent in the total domestic deposits on yearly basis to reach QR839.8bn in August this year. While the domestic credit in August 2024 soared by 7.4 percent year-on-year to QR1.3 trillion.
QCB post further stated that the total broad money supply (M2) increased by 6.7 percent to reach QR730.9bn in August 2024 on year-on-year basis.
The 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.
Qatar's banks have withstood recent global and regional uncertainties, leaving them in a strong position for further growth. The banks stand to benefit from the Third National Development Strategy for 2024-30 which prioritises financial services for the country's development and economic diversification.
The sector is also embracing digitalisation, the adoption of financial technology, and a host of new banking methods and services.
The financial services sector is one of the major contributors to Qatar's economy, ranked second after the hydro-carbon industry. This reflects the prominence of the sector in shaping Qatar's economy as one of the world's most stable, resilient, and competitive economies.
With the continuous economic growth, the demand for financial service grows accordingly, supporting the country's position as a financial hub in the region.
Qatar Central Bank's Qatar FinTech Strategy 2023 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 banking sector of the country has demonstrated resilience and registered an impressive growth driven by the need to continue to support the country's future ambitions.
QCB has played a crucial role in this journey, by strengthening governance, transparency, accountability, and regulatory reform. These efforts are instrumental in fostering a healthy financial ecosystem.
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