Qatar's Foreign Reserves Rose by 3.5 percent

  • Doha, State of Qatar
  • 8 October 2020

International reserves and foreign currency liquidity at Qatar Central Bank increased by 3.5 percent on an annual basis, continuing an upward path for the 31st consecutive month despite the economic repercussions of the emerging Coronavirus pandemic.

According to the data released by the central bank, foreign reserves rose to 203.90 billion riyals (equivalent to $56.6 billion) last September. While the reserves with the Central Bank amounted to 197.072 billion riyals (equivalent to 54.7 billion dollars) in September of 2019. Thus, the reserves rose 0.11 percent on a monthly basis during last September, compared to 203.735 billion riyals (equivalent to 56.5 billion dollars) in August 2020.

Qatar’s foreign reserves have continued to increase monthly since it began growth in March 2018, and are stable at its highest level in 5 years since August 2015. The improvement in reserves comes despite the repercussions of the Corona pandemic on Qatar’s economy as well as on other economies around the world, and after allocating a stimulus package worth 75 billion riyals, equivalent to 20.73 billion dollars, in order to recover from the negative economic impacts of this epidemic.

Source (Al-Araby Al-Jadeed Newspaper, Edited)

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