Qatar Central Bank’s foreign reserves surge by 3.96% in May

The foreign currency reserves and liquidity of the Qatar Central Bank soared by 3.96 percent year-on-year, reaching 249.165 billion riyals ($68.4 billion) in May 2024, compared to 239.664 billion riyals in the same period last year.

Data released by QCB on Monday showcased a significant uptick in its official reserves by roughly 8.833 billion riyals to reach 190.206 billion riyals by the end of May 2024, compared to the same month in 2023. This increase was attributed to a decrease in balances with foreign banks by about 2.816 billion riyals, amounting to 138.984 billion riyals in May 2024.

The reserves comprise various key categories including bonds and foreign treasury bills, balances with foreign banks, gold, Special Drawing Rights, and Qatar’s share at the International Monetary Fund.

Aside from the official reserves, there are other liquid assets such as foreign currency deposits, which collectively form what is known as the total foreign reserves.

Gold reserves notably surged by about 7.276 billion riyals as of the end of May 2024 compared to May 2023, reaching 28.327 billion riyals.

However, balances with foreign banks saw a decline of nearly 1.192 billion riyals, reaching 17.744 billion riyals by the end of May 2024 compared to May 2023. Additionally, the balance of Special Drawing Rights deposits from Qatar’s share with the IMF decreased by 66 million riyals by the end of May 2024, totaling 5.186 billion riyals compared to May 2023.