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Jeddah - Yasmine El Tohamy - RIYADH: 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.
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