Non-resident deposits, which are about 14% of Doha's commercial banks' liabilities, witnessed faster expansion than resident and total deposits in February 2020, according to the Qatar Central Bank (QCB).
The commercial banks' non-resident deposits rose 27% year-on-year in February 2020; hinting the strong confidence among global investors on the local economy. This compares with 4% and 9% rise in resident and total deposits in the review period.
Non-resident deposits amounted to QR216.63bn, which accounted for about one-fourth of total deposits of commercial banks in the review period.
Various reports, including from the International Monetary Fund (IMF), said the non-resident deposits initially declined (after the embargo started in June 2017) but rebounded later; indicating the resiliency in the domestic macro economy.
Non-resident deposits have been increasing especially from February 2019 when it stood at QR170.59bn, after which it was constantly on the increase for the next four months. Thereafter, it fell in July and was almost flat in the subsequent month, after which it was progressively on the rise until the review period.
Much of the non-resident deposits were in the Qatari banks and they stood at QR215.48bn, of which QR183.58bn was in the traditional banks and QR31.9bn in Islamic lenders.
"Recovery in non-resident deposits and foreign bank funding helped banks increase private sector credit and banks have been able to diversify the geographical composition of non-resident deposits," the IMF had said in its latest Article IV consultation report.
The country’s commercial banks witnessed a 3.8% annual growth to resident deposits to QR662.83bn in February 2020. Such deposits constituted about 42% of the commercial banks' liabilities in the review period.
Total deposits in Qatar’s commercial banks saw a 8.69% year-on-year growth to QR879.46bn this February with those in the private sector growing faster than in the public sector.
The private sector deposits in the country's commercial banks grew more than 6% year-on-year to QR382.95bn in February 2020.
The local and foreign currency private sector deposits in Qatar's commercial banks had risen 7% and 5% year-on-year to QR301.39bn and QR81.56bn respectively in February 2020.
The public sector deposits in Qatar's commercial lenders was up marginally (less than 1%) to QR279.88bn as the substantial growth in local currency deposits was to a great extent masked by those in foreign currency.
The riyal deposits of Qatar's commercial banks registered more than 55% surge year-on-year to QR176.17bn; whereas foreign currency deposits plummeted more than 37% to QR103.71bn this February.
Of the QR879.46bn total deposits, those with Qatari banks amounted to QR857.49bn and those with foreign banks stood at QR21.97bn.
Of the total deposits within the local lenders, traditional banks' share was QR603.53bn and Islamic banks' at QR253.96bn.
Non-resident deposits amounted to QR216.63bn, which accounted for about one-fourth of total deposits of commercial banks in the review period.
Various reports, including from the International Monetary Fund (IMF), said the non-resident deposits initially declined (after the embargo started in June 2017) but rebounded later; indicating the resiliency in the domestic macro economy.
Non-resident deposits have been increasing especially from February 2019 when it stood at QR170.59bn, after which it was constantly on the increase for the next four months. Thereafter, it fell in July and was almost flat in the subsequent month, after which it was progressively on the rise until the review period.
Much of the non-resident deposits were in the Qatari banks and they stood at QR215.48bn, of which QR183.58bn was in the traditional banks and QR31.9bn in Islamic lenders.
"Recovery in non-resident deposits and foreign bank funding helped banks increase private sector credit and banks have been able to diversify the geographical composition of non-resident deposits," the IMF had said in its latest Article IV consultation report.
The country’s commercial banks witnessed a 3.8% annual growth to resident deposits to QR662.83bn in February 2020. Such deposits constituted about 42% of the commercial banks' liabilities in the review period.
Total deposits in Qatar’s commercial banks saw a 8.69% year-on-year growth to QR879.46bn this February with those in the private sector growing faster than in the public sector.
The private sector deposits in the country's commercial banks grew more than 6% year-on-year to QR382.95bn in February 2020.
The local and foreign currency private sector deposits in Qatar's commercial banks had risen 7% and 5% year-on-year to QR301.39bn and QR81.56bn respectively in February 2020.
The public sector deposits in Qatar's commercial lenders was up marginally (less than 1%) to QR279.88bn as the substantial growth in local currency deposits was to a great extent masked by those in foreign currency.
The riyal deposits of Qatar's commercial banks registered more than 55% surge year-on-year to QR176.17bn; whereas foreign currency deposits plummeted more than 37% to QR103.71bn this February.
Of the QR879.46bn total deposits, those with Qatari banks amounted to QR857.49bn and those with foreign banks stood at QR21.97bn.
Of the total deposits within the local lenders, traditional banks' share was QR603.53bn and Islamic banks' at QR253.96bn.