The Qatar Central Bank said yesterday that its foreign reserves and hard currency liquidity have increased by 2.8 per cent year-on-year to 211.325 billion riyals ($58.45 billion) in July 2022, compared to 205.575 billion riyals ($56.86 billion) in the same month of 2021.
On a monthly basis, Qatar’s foreign reserves increased 0.07 per cent compared to 211.172 billion riyals ($58.41 billion) in June 2022, according to the bank’s official data.
Qatar’s foreign reserves have been rising on a monthly basis since March 2018.
Qatar is benefiting from the global rise in gas prices since the end of 2021, this has been bolstered by the Russian war on Ukraine and the subsequent sanctions placed on Moscow.
Qatar is the world’s largest exporter of liquefied natural gas. However, it is facing tough competition for market share from major suppliers such as Australia and the United States.