- Qatar’s international reserves grew by 5.2% annually to $67.94 billion in March, bolstered by increased official reserves and a surge in gold holdings.
- Despite a decline in balances held in foreign banks, Qatar’s central bank’s balances of bonds and foreign treasury bills rose to 140 billion riyals, reflecting resilience in its financial position.
- Gold reserves surged to 26.75 billion riyals, marking a significant increase compared to the previous year, contributing to Qatar’s overall economic stability.
- The IMF forecasts Qatar’s GDP to grow by 1.9% in 2024, indicating continued economic strength, supported by the nation’s resilience to global disruptions and stable economic policies.
In March, Qatar’s international reserves rose by 5.2 percent annually to reach 247.4 billion Qatari riyals ($67.94 billion), despite a decrease in balances held in foreign banks.
The official news agency of the country reported that the official reserves of the Qatar Central Bank were 11.34 billion riyals higher compared to March 2023. This increase occurred against the backdrop of a year-on-year decline of 10.77 billion riyals in balances held in foreign banks.
Also Read: The First-quarter Net Profit of Biggest Gulf Bank QNB Rises to 7%According to the Qatar News Agency, the central bank’s balances of bonds and foreign treasury bills surged by about 16.74 million riyals to 140 billion riyals in March.
The official reserves include various crucial components such as foreign bonds and bills, cash reserves held with foreign banks, and gold holdings. Additionally, they encompass special drawing rights deposits and Qatar’s stake in the International Monetary Fund.
By the end of March, gold reserves witnessed a significant surge, reaching 26.75 billion riyals, marking an increase of approximately 5.48 billion riyals compared to the same month in 2023. Apart from the official reserves, there are other liquid assets such as foreign currency deposits.
Conversely, Qatar’s shares in Special Drawing Rights deposits at the IMF saw a slight decrease, dropping by 130 million riyals from March 2023 to reach 5.18 billion riyals a year later.
Qatar’s international reserves demonstrated resilience and growth, despite fluctuations in various components. The increase in official reserves, coupled with the surge in gold holdings, reflects a robust economic position. These reserves serve as vital buffers against external shocks and provide stability to Qatar’s financial system.
Moreover, the diversification of assets, including foreign bonds and bills, contributes to the overall strength and stability of Qatar’s economy. While there may be slight fluctuations in certain components, the overarching trend indicates a positive trajectory for Qatar’s financial reserves.
IMF Forecasts Global Economic Recovery, Promising Brighter Future Ahead
The IMF expects Qatar’s economy to steady soon after a boost in 2022, mainly thanks to hosting the FIFA World Cup. As per the IMF, based in Washington, Qatar’s gross domestic product (GDP) is predicted to grow by 1.9 percent in 2024.
This forecast shows that Qatar’s economy has stayed strong despite recent global disruptions, indicating good economic prospects for the nation.
Additionally, the IMF points out that Qatar has been less affected by the Hamas-Israel conflict compared to other places. This shows that Qatar’s economy is tough and stable, which the IMF sees as a good sign for future growth.
The IMF emphasizes the importance of keeping sensible economic policies and making more changes to help Qatar handle possible problems better. By doing these things, Qatar can speed up its economic progress and make sure it stays strong in the region.
The IMF’s evaluation shows that Qatar can handle challenges and keep growing steadily. With the right plans and changes, Qatar can keep going towards long-term growth and success.
