Qatar’s International Reserves Increase Despite Balances Held in Foreign Banks Decreasing
Qatar’s international reserves have seen a 5.2 percent annual increase, reaching 247.4 billion Qatari riyals ($67.94 billion) in March. This growth comes despite a decrease in balances held in foreign banks.
Qatar Central Bank’s Official Reserves on the Rise
The Qatar Central Bank’s official reserves have increased by 11.34 billion riyals compared to March 2023, totaling 140 billion riyals in March 2024. Balances of bonds and foreign treasury bills have surged by approximately 16.74 million riyals.
Components of Official Reserves
Official reserves consist of various components, including foreign bonds and bills, cash reserves with foreign banks, gold holdings, special drawing rights deposits, and Qatar’s stake in the International Monetary Fund. Gold reserves have seen a significant increase, reaching 26.75 billion riyals by the end of March.
IMF Projections for Qatar’s Economy
The IMF predicts a stable future for Qatar’s economy, with a forecasted 1.9 percent growth in GDP for 2024. Despite global disturbances, Qatar’s economic prospects remain promising, with the IMF highlighting the country’s resilience and minimal impact from external conflicts.
“Risks are broadly balanced. Maintaining prudent macroeconomic policy and intensifying reform efforts will support Qatar’s resilience to shocks and accelerate its economic transformation,” the IMF stated.