The assets of commercial banks in Qatar increased, last August, on an annual basis, by 143.9 billion riyals (39.5 billion dollars), to reach 1.6 trillion riyals (439.5 billion dollars), representing an increase of 9.9 percent compared to the same period of last year (2019).
According to the data of Qatar Central Bank, the total cash and balances with the Qatar Central Bank reached 89 billion riyals by the end of last month, an annual increase of 26 billion riyals. The credit facilities granted by commercial banks also increased by 10.7 percent year on year, to reach 1.09 trillion riyals in August, compared to 990 billion riyals during the same month of 2019.
The total value of deposits increased by 60.2 billion riyals, recording 871.3 billion riyals, an annual increase of 7.4 percent, as private sector deposits increased by 7 percent to 387.6 billion riyals, compared to 362.1 billion riyals in August 2019, and public sector deposits grew by a rate of 6.7 percent to 269.4 billion riyals.
To that, the Qatari Planning and Statistics Authority expects the economy to grow by an average of 3.3 percent during the next year 2021, which would offset the contraction that occurred during the past months of this year, due to the impact of a large number of productive and service activities with the emerging coronavirus pandemic.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
