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Bnreport Business News Report


Qatar Reserves Continue To Grow Despite Covid

Qatar international reserves and liquidity in foreign currencies in Qatar Central Bank increased during 2020.
Qatar Central Bank and the spiral mosque of the Kassem Darwish Fakhroo Islamic Centre in Doha based on the Great Mosque in Samarra in Iraq, Doha, Qatar, Middle East

Official data revealed an increase in international reserves and liquidity in foreign currencies of the Qatar Central Bank during 2020.

Qatar’s international reserves rose by 3.2%, that is $1.77 billion, in an increase for the thirty-fourth consecutive month.

Data showed foreign reserves rose to 204.754 billion riyals ($56.74 billion) last December.

Stimulus packages

Qatar’s foreign exchange reserves have continued to rise on a monthly basis since they began growing in March 2018, recording their highest since August 2015.

The Qatari reserves improved, despite the Coronavirus pandemic, after approving stimulus packages of 75 billion riyals ($20.73 billion).

Official reserves consist of foreign bonds and treasury bills, cash deposits and balances in foreign banks, gold holdings, deposits of special drawing rights, and Qatar’s share in the IMF.

In addition to official reserves, there are other liquid assets in foreign currency that together constitute the so-called “total international reserves”.

Official reserves rise

Official reserves at Qatar Central Bank increased by the end of last April by 292 million riyals to 147.4 billion riyals.

Total international reserves, including liquidity in foreign currency, increased by 1.55 billion riyals, to reach about 202.9 billion riyals, an increase of 12.1 billion riyals, or 6.3% compared to April 2019.

According to the bank’s website, the reserves increased by 0.11% on a monthly basis, compared to 203,735 billion riyals ($56.5 billion) in August 2020.

Last September, Central Bank data showed that foreign reserves rose to 203.90 billion riyals ($56.6 billion).

In contrast, reserves at the Central Bank amounted to 197.072 billion riyals ($54.7 billion) in September 2019.

More on Qatar:

Qatar Agrees With ‘Enel’ To Invest In Green Energy Projects

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