The Qatar Central Bank (QCB) witnessed in July a significant increase in international reserves and foreign currency liquidity (forex). The figures rose by 14.3 percent, reaching QAR241.572 billion ($66.347 billion). This marks a notable surge compared to the QAR211.325 billion recorded in the same month of 2022.
According to data released by QCB, the bank’s official reserves witnessed a substantial growth by approximately QAR29.229 billion, reaching QAR183.119 billion by the end of July. This increase was primarily fueled by a rise in the Central Bank’s bond and foreign treasury bills balances, reaching QAR137.606 billion in July 2023, representing a surge of around QAR24.464 billion.
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The official reserves comprise key elements, including foreign bonds and bills, cash balances held with foreign banks, and gold holdings. Additionally, they encompass deposits of special drawing rights and the state’s share in the International Monetary Fund (IMF). Apart from the official reserves, there are other liquid assets in the form of foreign currency deposits. When combined, these two components form what is referred to as the total international reserves.
Gold stocks surged by around QAR7.191 billion by July-end compared to July 2022. The total reached approximately QAR22.131 billion.
In addition, the balance of special drawing rights deposits, representing Qatar’s share in the IMF, grew by QAR120 million compared to July 2022. The total reached QAR5.313 billion.
Meanwhile, balances held with foreign banks declined by approximately QAR2.545 billion, reaching a level of QAR18.067 billion by the end of July this year. This is in comparison to May of the previous year.
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