QCB’s August 2024 Foreign Currency Reserves Up by Four Percent

Doha: Qatar Central Bank (QCB)'s international reserves and foreign currency liquidity recorded QR 252.3 billion in August 2024, a four-percent Y-o-Y rise. The data released by the QCB on Monday unveiled a 5.2-percent increase in official reserves at the end of August 2024 to reach QR 193.417 billion, up from QR 9.541 billion in the same period of the previous year, thanks to a QR 389-million increase in foreign bonds and treasury bills to register QR 139.682 in August 2024. Gold reserves at the end of August 2024 made a QR 9.921-billion Y-o-Y jump to reach QR 31.861 billion. Composed mainly of 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), the official reserves include other liquid assets (Foreign Currency Deposits), to form the total foreign reserves. Meanwhile, balances with foreign banks saw a QR 754-million decline at the end of August 2024 versus the same period last year, to hover at QR 16.231 billion. The balance of special drawing rights deposits from the State of Qatar's share with the IMF decreased by QR 15 million by the end of August 2024, compared to QR 5.252 billion in August 2023. Source: Qatar News Agency