Riyadh: Qatar Central Bank’s Foreign Currency Reserves Soar to $68.4 Billion in May 2024
In a remarkable display of financial strength, the Qatar Central Bank’s foreign currency reserves and liquidity skyrocketed by 3.96 percent year-on-year, reaching an impressive 249.165 billion riyals ($68.4 billion) in May 2024. This significant increase from the 239.664 billion riyals in the same period last year showcases Qatar’s robust financial position.
Key Data Released by QCB
Released data from the Qatar Central Bank on Monday highlighted a substantial uptick in its official reserves, which surged by approximately 8.833 billion riyals to reach 190.206 billion riyals by the end of May 2024, compared to the corresponding month in 2023. This surge was mainly driven by a decrease in balances with foreign banks, amounting to 138.984 billion riyals in May 2024.
Diverse Categories of Reserves
The foreign currency reserves of the Qatar Central Bank encompass a variety of key categories, including bonds and foreign treasury bills, balances with foreign banks, gold holdings, Special Drawing Rights, and Qatar’s share at the International Monetary Fund, highlighting the diversified nature of Qatar’s financial assets.
Total Foreign Reserves Composition
Aside from the official reserves, the Qatar Central Bank holds other liquid assets such as foreign currency deposits, collectively forming what is known as the total foreign reserves, further solidifying Qatar’s financial stability.
Surge in Gold Reserves
Gold reserves witnessed a notable surge of approximately 7.276 billion riyals by the end of May 2024 compared to May 2023, reaching an impressive 28.327 billion riyals, underscoring Qatar’s strong position in precious metal holdings.
Shifts in Balances with Foreign Banks
While gold reserves saw a significant increase, balances with foreign banks experienced a decline of nearly 1.192 billion riyals, totaling 17.744 billion riyals by the end of May 2024 compared to the previous year. Additionally, the balance of Special Drawing Rights deposits from Qatar’s share with the IMF decreased by 66 million riyals, amounting to 5.186 billion riyals by the end of May 2024.