Qatar’s foreign reserves surge by 3.96%

The foreign reserves at the Qatar Central Bank (QCB) witnessed a 3.96 per cent year on year (YoY) surge in May, reaching QR 249.165 billion, up from QR 239.664 billion in the corresponding period a year earlier, Qatar news agency (QNA) reported citing the central bank data.

This growth was primarily attributed to a decrease in balances held with foreign banks, dropping by about QR 2.816 billion to QR 138.984 billion in May 2024.

The composition of reserves includes bonds, foreign treasury bills, balances with foreign banks, gold, Special Drawing Rights (SDR), and the State of Qatar’s stake at the International Monetary Fund (IMF).

Apart from official reserves, there are other liquid assets such as Foreign Currency Deposits, constituting the total foreign reserves. Gold reserves saw a notable increase, reaching QR 28.327 billion by the end of May 2024, marking a rise of approximately QR 7.276 billion compared to May 2023.

Balances with foreign banks experienced a decline of nearly QR 1.192 billion, reaching QR 17.744 billion by the end of May 2024 compared to May 2023. Additionally, the balance of Special Drawing Rights deposits from Qatar’s share at the IMF decreased by QR 66 million to reach QR 5.186 billion by the end of May 2024, compared to the same period in 2023.