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Qatar's reserve grew 18.8% in July

August 29, 2019 at 9:26 am

Qatar’s central bank in Doha, Qatar [TravelingOtter/Wikipedia]

Qatar’s reserves grew 18.82 per cent year-on-year in July, setting a new record.

According to data released by the Central Bank of Qatar today, the value of reserve assets amounted to 196.169 billion riyals ($53.92 billion) as of July.

Reserve assets rose from 165.091 billion riyals ($45.38 billion) in July 2018.

The rise is the 17th in a row since March 2018.

On a monthly basis, reserve assets grew 0.8 per cent, up from 194.602 billion riyals ($53.49 billion) in June.

Qatar’s reserve assets consist of gold, balances with foreign banks, foreign bonds and treasury bills, IMF SDR deposits and other foreign currency liquid assets.

Qatar’s reserves have consistently improved despite Saudi Arabia, the United Arab Emirates, Bahrain and Egypt’s blockade on the small Gulf state which was launched in June 2017.

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