QCB gold reserves expansion outpaces growth in international reserves, total assets in January

The Qatar Central Bank's (QCB) gold reserves expanded much faster than its total official international reserves on an annualised basis in January 2023, according to the central bank data.
The central bank's gold reserves stood at QR20.66bn at the end of January 2023, which showed a whopping 73.76% growth year-on-year in the review period. It constituted more than 7% of the QCB's assets and about 12% of the total official reserve in January 2023. The gold reserve was at its ebb in February 2022 when it was at QR11.34bn.
Between January 2022 and January 2023, the gold reserves saw increase as many as in nine months with the largest expansion registered at 22.05% in July 2022.
Gold plays an important part in central banks' reserves management, and they are significant holders of gold.
According to the World Gold Council, the yellow metal has been an essential component in the financial reserves of nations for centuries, and its appeal is showing no sign of diminishing, with central banks set to be net purchasers of gold once again this year.
The QCB’s total assets were seen expanding 4.41% year-on-year to QR287.48bn, mainly strengthened by higher gold reserves and foreign securities, which together constituted about 55% of the total assets.
The foreign securities were seen expanding 19.37% year-on-year to QR138.67bn or 48% of the total in January 2023.
The central bank's balances with local banks amounted to QR58.14bn or 20% of the total assets; and other assets were valued at QR53.22bn (19%) in January 2023.
The balances with local banks were seen declining 23.45% on an annualised basis in January 2023.
The balances with foreign banks amounted to QR11.14bn, which plummeted 42.72% year-on-year in January 2023. The QCB's other assets grew 15.65% year-on-year in the review period.
The central bank's total official reserves amounted to QR175.78bn, which reported a 14.89% increased on an annualised basis in January 2023.
The QCB's special drawing rights holding and its International Monetary Fund reserve position totalled QR5.32bn at the end of January 2023 compared to QR5.49bn the previous year.
The central bank's other liquid assets in foreign currency (deposits) amounted to QR57.97bn in January 2023, which registered a 1.49% growth on an annualised basis.