Denominations as QR200, QR100, QR50 and QR10 showed higher demand as their issuance saw a double-digit annual growth against a dip in QR500 and overall currency issued in the country in July 2023, according to the Qatar Central Bank (QCB) data.
Total currency issued amounted to QR21.87bn in July 2023, registering a 6.14% fall on an annualised basis. Notes issued recorded a 6.15% shrinkage to QR21.81bn but coins issued were higher by 5.39% to QR62.73mn, according to figures released by the central bank.
The currency issued refers to those issued by the QCB, consisting of currency with the public and cash in vaults with the commercial banks.
Within the notes, the denomination of QR50 saw the fastest year-on-year growth, followed by QR100, QR200, QR10 and QR5 in the review period.
The QR50 denomination saw 36.94% surge year-on-year to QR1.52bn in July 2023. Its issuance constituted 6.97% of the total notes issued at the end of July 2023.
In the case of QR100 denomination, issuance witnessed a 25.28% increase year-on-year to QR2.23bn in July 2023. The issuance constituted 10.22% of the total notes issuance at the end of July 2023.
QR10 witnessed a 17.24% year-on-year growth to QR0.68bn in July 2023. Its issuance accounted for 3.12% of the total notes issued in the review period.
In the case of QR200 denomination, its issuance amounted to QR2.46bn or 11.28% of the total issued in July 2023. The issuance of QR200, which was put into circulation in 2020, saw a 10.81% year-on-year jump in the review period.
The introduction of QR200 "aims to bridge the gap between the QR100 and QR500", executive director of the Public Debt, Banking Affairs and Issuance at the QCB, Mohamed Jassim al-Kuwari, had said at the time of announcing the new series.
The denomination came as part of the QCB introducing the fifth series in the country's currency regime.
The QR5 notes issuance witnessed a 3.03% jump year-on-year to QR0.34bn in July this year. The issuance of this denomination constituted 1.56% of the total notes issued in the review period.
However, the QR500 has seen its issuance decline 15.37% to value at QR14.43bn, which is 66.16% of the total issuance of notes at the end of July 2023.
The QR1 has witnessed a 5.88% contraction year-on-year to QR0.16bn in July 2023. The denomination's issuance constituted 0.73% of the total value of notes issued at the end of July 2023.
Within coins, the 50 dirhams witnessed a 5.39% increase to QR62.73mn and the 25 dirhams denomination saw its issuance expand 7.05% year-on-year to QR18.98mn in July 2023.
Total currency issued amounted to QR21.87bn in July 2023, registering a 6.14% fall on an annualised basis, according to QCB data. PICTURE: Bonnie James