The Qatar Central Bank revealed that its international reserves and liquidity in foreign currencies increased in November 2020, by 3.45% on an annual basis, increasing for the 33rd month in a row.
Foreign reserves rose to 204.41 billion riyals ($56.2 billion) in November, from 197.594 billion riyals ($54.3 billion) during the same month in 2019. On a monthly basis, Qatar’s reserves rose by 0.02 percent, or $13.7 million in November, from 204.36 billion riyals (56.14 billion dollars) registered during October.
Qatar’s foreign reserves continue to rise monthly since it began to grow in March 2018, and are stable at its highest level in five years since August 2015. The improvement in Qatar’s reserves comes despite the repercussions of Corona on Doha’s economy, as Qatar allocated a stimulus package worth 75 billion Real ($20.73 billion) to recover from the negative repercussions of the pandemic.
In parallel, the banks' consolidated budget data showed that local private sector deposits with banks increased by the end of last October by 2.8 billion riyals compared to the end of September, to the level of 378.1 billion riyals. Note that there are 19 banks operating in Qatar that are competing with each other to attract customers through various methods, such as granting deposit holders privileges and discounts in affiliated or partner institutions for each bank.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
