Qatar's Central Bank Reserves Surge, IMF Forecasts Growth

Qatar's international reserves have shown a steady increase, reaching 247.4 billion Qatari riyals ($67.94 billion) in March, marking a 5.2 percent annual growth. Despite a decrease in balances held in foreign banks, the official reserves of the Qatar Central Bank saw a significant rise of 11.34 billion riyals compared to the same period in 2023.

The central bank's balances of bonds and foreign treasury bills also surged by approximately 16.74 million riyals, totaling 140 billion riyals in March. The official reserves consist of various components, including foreign bonds and bills, cash reserves with foreign banks, gold holdings, special drawing rights deposits, and Qatar's stake in the International Monetary Fund.

Gold reserves notably increased to 26.75 billion riyals by the end of March, showing a rise of about 5.48 billion riyals from the previous year. Additionally, Qatar's economy is expected to stabilize following the surge in 2022 due to hosting the FIFA World Cup, with the IMF forecasting a 1.9 percent GDP growth for 2024.

The IMF highlighted Qatar's resilience to global disturbances, noting that the country's economic prospects remain promising. Despite external risks, the IMF emphasized the importance of maintaining prudent macroeconomic policies and intensifying reform efforts to bolster Qatar's resilience to shocks and accelerate its economic transformation.