Qatar Central Bank’s forex reserves climb to 241,572 bn riyals in July

A 14.3 percent increase over previous year
Qatar Central Bank’s forex reserves climb to 241,572 bn riyals in July
Qatar Central Bank

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 241,572 billion riyals ($66,347 billion). This marks a notable surge compared to the 211.325 billion riyals recorded in the same month of 2022.

According to data released by QCB, the bank’s official reserves witnessed a substantial growth by approximately 29.229 billion riyals, reaching 183.119 billion riyals 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 137.606 billion riyals in July 2023, representing a surge of around 24.464 billion riyals.

Read more: Qatar Central Bank forecasts GDP growth of 3.5 pct in 2022

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 7.191 billion riyals by July-end compared to July 2022. The total reached approximately 22.131 billion riyals.

In addition, the balance of special drawing rights deposits, representing Qatar’s share in the IMF, grew by 120 million riyals compared to July 2022. The total reached 5.313 billion riyals.

Meanwhile, balances held with foreign banks declined by approximately 2.545 billion riyals, reaching a level of 18.067 billion riyals by the end of July this year. This is in comparison to May of the previous year.

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