Arab News, Mon, Mar 11, 2024 | Ramadan 1, 1445
Qatar’s international reserves surge by 4.91% to $67.69bn
Qatar:
Qatar’s international reserves increased by 4.91 percent annually to 246.49
billion Qatari riyals ($67.69 billion) in February, driven by higher balances in
foreign banks.
According to the country’s official news agency,
balances held in foreign banks saw an increase of about 6.81 billion riyals,
reaching 19.03 billion riyals by the end of February 2024 compared to the same
period in 2023.
Moreover, official reserves by the end of the
second month of 2024 also witnessed a significant uptick, amounting to 187.55
billion riyals.
This indicates a substantial increase of
approximately 10.73 billion riyals from the same period last year, despite a
slight decline in balances of bonds and foreign treasury bills, which dipped by
897 million riyals to 138.965 billion riyals in February.
The official reserves comprise various crucial
components including foreign bonds and bills, cash reserves held with foreign
banks, gold holdings, special drawing rights deposits, and Qatar's stake in the
International Monetary Fund.
Gold reserves saw a significant surge, reaching
24.41 billion riyals by the end of February 2024, marking an increase of
approximately 4.89 billion riyals compared to same month of 2023.
In addition to 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 69 million riyals
from February 2023 to reach 5.17 billion riyals by the end of February 2024.
IMF projection
According to the IMF, Qatar’s economy is expected
to stabilize in the near future after experiencing a surge in 2022 due to
hosting the FIFA World Cup.
The Washington-based lender has forecasted a 1.9
percent growth in the country’s gross domestic product for 2024.
Highlighting Qatar’s resilience to recent global
disturbances, IMF stated that the country’s economic prospects are promising.
Furthermore, it noted that the Hamas-Israel conflict has not had any discernible
impact on Qatar.
“Risks are broadly balanced. Maintaining prudent
macroeconomic policy and intensifying reform efforts will support Qatar’s
resilience to shocks and accelerate its economic transformation,” the IMF said.