QCB Foreign Reserves Surge 3.89 Percent in July 2024

Doha, August 07 (QNA) - The foreign currency reserves and foreign currency liquidity of the Qatar Central Bank (QCB) increased by 3.89 percent year-on-year to reach QAR 250.981 billion in July 2024 compared to QAR 241.572 billion in the same period of 2023. The figures released on Wednesday by QCB showed an increase in its official reserves at the end of July 2024, compared to what it was at the end of the same month in 2023, by roughly QAR 9.038 billion to reach QAR 192.157 billion, owing to the increase in QCB's balances of foreign bonds and treasury bills by around QAR 1.091 billion, to reach QAR 138.697 billion in July 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 reser ves. Gold reserves increased, as of the end of July 2024, by about QAR 8.551 billion compared to July 2023 to reach QAR 30.682 billion. Balances with foreign banks declined by nearly QAR 457 million, to the level of QAR 17.610 billion at the end of July 2024, compared to July 2023. The balance of special drawing rights deposits from the State of Qatar's share with the IMF decreased by QAR 147 million by the end of July 2024, compared to July 2023, reaching QAR 5.166 billion. (QNA) Source: Qatar News Agency