Qatar Central Bank Foreign Reserves Surge 3.88 Percent in June 2024

Doha: The foreign currency reserves and foreign currency liquidity of the Qatar Central Bank (QCB) increased by 3.88 percent year-on-year to reach QR 250.091 billion in June 2024 compared to QR 240.742 billion in the same period of 2023. The figures released on Sunday by QCB showed an increase in its official reserves at the end of June 2024, compared to what it was at the end of the same month in 2023, by roughly QR 8.704 billion to reach QR 191.110 billion, owing to the increase in QCB's balances of foreign bonds and treasury bills by around QR 4.386 billion, to reach QR 139.068 billion in June 2024. The reserves consist of key categories: bonds and foreign treasury bills, balances with foreign banks, gold, and Special Drawing Rights (SDR), and the State of Qatar's share at the International Monetary Fund (IMF). In addition to the official reserves, there are other liquid assets (Foreign Currency Deposits), so the two together constitute what is known as the total foreign reserves. Gold reserves increas ed, as of the end of June 2024, by about QR 8.124 billion compared to June 2023 to reach QR 28.977 billion. Balances with foreign banks declined by nearly QR 3.633 billion, to the level of QR 17.950 billion at the end of June 2024, compared to June 2023, with the balance of special drawing rights deposits from the State of Qatar's share with IMF decreasing by QR 174 million by the end of June 2024, compared to June 2023, reaching QR 5.113 billion. Source: Qatar News Agency