Qatar’s forex reserves rise 12.4% to $63bn in 2022

Qatar’s international reserves and foreign currency levels increased by 9.6 percent to QR 230.026 billion ($63.18 billion) in 2022, compared to QR 209.932 billion in 2021, state-run Qatar News Agency reported, citing figures from the central bank.

December recorded a monthly growth of 2.7 percent quarter-on-quarter.

The bank’s official international reserves stood at QR 172.092 billion in 2022, up 12.4 percent, compared to QR 153.103 billion in 2021. 

Official reserves consist of several components, such as foreign bonds and bills, cash balances with foreign banks, gold holdings, deposits of special drawing rights and the state of Qatar’s quota in the International Monetary Fund (IMF).

In addition to the official reserves, there are other liquid assets (deposits in foreign currency), which together form total reserves.

However, Qatar’s balance of deposits in the IMF decreased to QR 5.258 billion last year from QR 5.518 billion in 2021.

Balances in foreign banks also fell to QR 15.469 billion in 2022, compared to QR 26.135 billion in 2021.

Gold stocks rose to QR 19.591 billion last year from QR 12.047 billion in 2021, the report said.