Qatar’s international reserves recovered to $39bn in August with the disclosure of $19bn in foreign assets by the Qatar Central Bank, QNB’s latest ‘Qatar Monthly Monitor’ shows.
According to QNB, Qatar’s imports recovered close to pre-blockade levels as new trade routes and new trade partners were established.
The current account surplus widened to 2.4% of GDP while the financial account swung into deficit, while the fiscal deficit narrowed to 5.5% of GDP in the first quarter from 17.9% in Q4, 2016, QNB said.
Brent crude prices rose 17.3% to $57.5 for a barrel in September while Qatar’s oil production stayed flat at 611,000 bpd in July, QNB said.
With regard to Qatar’s banking sector, QNB said the banking sector assets grew by 13.5% in August from 10.9% in July, reversing three months of slowing growth.
Bank deposit growth accelerated to 20% in August from 12.8% in July, while credit growth accelerated to 14.5% in August from 11.5% in July, the monthly monitor said.
In recent months, a decline in private resident deposits has been offset by an increase in public sector deposits.
Broad money supply (M2) grew by 14.4% year on year in August from 8.3% in July while the overnight interbank rates rose to 2.13% in August from 1.8% in July; the three-month interbank rate rose to 2.57% from 2.23%, QNB said.
The real estate price index picked up slightly in Q2 compared to Q1, although it was still down 5.5% year on year in June, QNB said.
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