Qatar's foreign reserves surge by 5.26pc to $67.58b in Jan

RIYADH, Feb 08 (Arab News): Qatar's international reserves increased by 5.26 per cent annually to 246.04 billion riyals ($67.58 billion) in January, driven by higher balances in foreign banks, official data showed.

According to data released by Qatar Central Bank, total reserves rose from 233.75 billion riyals in the same month of 2023.

The increase is mainly due to a significant rise in balances held in foreign banks, comprising 11 per cent of the country's official reserves.

Specifically, Qatar's balances with foreign banks experienced a 93 per cent surge in January, reaching 21.5 billion riyals, compared to 11.14 billion riyals in the same period last year.

As of January 2024, the country's total official reserves witnessed a growth of about 11.37 billion riyals compared to the same period the previous year, reaching 187.15 billion riyals.