Qatar Central Bank Foreign Reserves Surge 3.96% in May 2024

Doha, Qatar: The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 3.96 percent year-on-year to reach QR 249.165 billion in May 2024 compared to QR 239.664 billion in the same period of last year.

The figures released on Monday by QCB showed an increase in its official reserves at the end of May 2024, compared to what it was at the end of the same month in 2023, by roughly QR 8.833 billion to reach QR 190.206 billion, owing to the decrease in the balances with foreign banks by about QR 2.816 billion to the level of QR 138.984 billion in May 2024.

The reserves consist of key categories: bonds and foreign treasury bills, balances with foreign banks, gold, and Special Drawing Rights (SDR), and the State of Qatar's share at the International Monetary Fund (IMF).

In addition to the official reserves, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves.

Gold reserves increased, as of the end of May 2024, by about QR 7.276 billion compared to May 2023 to reach QR 28.327 billion.

Balances with foreign banks declined by nearly QR1.192 billion, to the level of QR17.744 billion at the end of May 2024, compared to May of 2023, with the balance of special drawing Rights deposits from the State of Qatar's share with IMF decreasing by QR66 million by the end of May 2024, compared to May 2023, reaching QR5,186 billion.