Qatar’s banking sector maintained its upward trajectory in February 2024, with commercial banks reporting significant growth in deposits and credit facilities. Commercial banks in Qatar recorded QAR1.312 trillion ($360.4 billion) in total credit facilities, a 5.3 percent monthly increase and a 0.5 percent yearly decline.
Deposit growth
Total deposits in Qatar’s commercial banks reached QAR1028.646 billion in February 2024, marking a 1.4 percent increase from January and an impressive 8.3 percent surge compared to February 2023. Public sector deposits rose by 2.2 percent monthly and 14.8 percent annually to QAR368.960 billion. Meanwhile, private sector deposits recorded a 1.1 percent monthly increase and 5.5 percent yearly increase to QAR476.802 billion.
Moreover, non-resident deposits in Qatar’s commercial banks also saw a positive trend, growing by 0.7 percent during the month to QAR182.884 billion and 4.2 percent compared to February 2023.
Expansion of credit facilities
The latest official data from the Planning and Statistics Authority reveals that credit facilities by commercial banks in Qatar exhibited a robust performance in February 2024. Total facilities amounted to QAR1.312 trillion. In the public sector, credit facilities reached QAR389.1 billion, a 7 percent annual increase and a 0.7 percent monthly decrease. In the private sector, credit facilities reached QAR868.45 billion, a 0.4 percent monthly decline and a 5.3 percent annual increase. Meanwhile, non-resident credit facilities in Qatar’s commercial banks reached QAR55.365 billion.
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Money supply and trading activity
Qatar’s data on commercial banks revealed that money supply indicators demonstrated healthy growth during February 2024. Money supply 1 (M1) amounted to QAR156.765 billion, while money supply 2 (M2) recorded QAR747.492 billion, reflecting annual and monthly increases of 6.5 percent and 1.7 percent, respectively.
Meanwhile, money supply 3 (M3) reached QAR860.198 billion, indicating a monthly rise of 1.6 percent and a significant yearly increase of 9.1 percent. Additionally, the data revealed a 42.6 percent annual surge in the number of shares traded, with the value of shares traded rising by 22.8 percent compared to February 2023.
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