Qatar Central Bank's foreign currency reserves rise to QR211.325bn in July
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Qatar Central Bank’s foreign currency reserves rise to QAR211.325bn in July

Qatar Central Bank’s foreign currency reserves rise to QAR211.325bn in July

The official reserves stood at QAR153.890bn by the end of July, a considerable rise over last year’s reserves of QAR4.775bn

Gulf Business

The foreign currency reserves and liquidity of the Qatar Central Bank (QCB) increased by 2.79 per cent to reach QAR211.325bn in July compared to QAR205.575bn in July 2021.

According to the Qatar News Agency,  the figures issued by the QCB showed that its official reserves increased by the end of July 2022 than last year’s by about QAR4.775bn to reach QAR153.890bn.

These figures are driven by the increase in the central balances of bonds and foreign treasury bills by about QAR19.522bn to the level of QAR113.142bn in July 2022.

The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and special drawing rights and the State of Qatar’s share at the International Monetary Fund (IMF).

Qatar has reported a 2.5 per cent economic growth for the first quarter of this year, compared to the same period a year ago. However, it dropped marginally on a quarter-to-quarter basis.

Sheikh Tamim bin Hamad al-Thani, the Emir of Qatar, reportedly said in late June that the country’s economy is expected to grow 4.9 per cent this year due to a jump in oil prices.

The FIFA World Cup is scheduled to take place in Qatar from November 21 to December 18 which will further its economy.

The country is set to attract 1.2 million visitors, within its earlier estimated range of between 1 million and 1.5 million, Nasser Al Khater, CEO of FIFA World Cup Qatar 2022, said in a televised interview with Bloomberg.

In recent news, Qatar’s Hamad International Airport has witnessed an increase of over 164 per cent in passengers’ movement in the first half of 2022 compared to same period of last year.

Read: Qatar’s Hamad International Airport records 164% rise in passenger footfall in H1 2022

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