Qatar’s FX reserves hit QR 254.7b in Nov

Qatar’s international reserves and foreign currency (FX) liquidity at the Qatar Central Bank (QCB) increased by 4.05 per cent in November 2024, reaching QR 254.743 billion, compared to QR 244.815 billion in November 2023, according to QCB data released on Monday.

The figures showed a QR 9.812 billion rise in official reserves, which climbed to QR 195.734 billion by the end of November 2024, reflecting robust financial management and stronger holdings.

The growth in official reserves was driven by an increase in the central bank’s holdings of foreign bonds and treasury bills, which surged by QR 1.477 billion to QR 138.124 billion.

Qatar’s official reserves comprise several key components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, Special Drawing Rights (SDRs) deposits, and Qatar’s quota at the International Monetary Fund (IMF).

Gold holdings recorded a significant rise of QR 10.632 billion, reaching QR 34.369 billion by the end of November 2024 compared to the previous year.

In contrast, SDR deposits at the IMF saw a slight decline of QR 138 million, settling at QR 5.131 billion. Similarly, balances with foreign banks fell by QR 2.160 billion, totalling QR 18.109 billion at the end of November.

These elements, alongside other FX deposits, contribute to Qatar’s total international reserves, highlighting the country’s continued financial stability and strategic reserve management.

Attribution: Qatar News Agency (QNA)

Subediting: Y.Yasser

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