File photo used for representation only. Photo by Abdul Basit/ The Peninsula
The banking sector in Qatar demonstrated resilience and has registered growth in August. Qatar’s commercial banks have witnessed an increase in deposits and credit facilities on year-on-year basis in August 2022 according to the Planning and Statistics Authority data.
The public sector deposits stood at QR328.98bn in commercial banks in August 2022 compared with its counterpart in the previous year (August 2021) amounted to QR281.18bn showing a yearly growth of 17 percent and rise of 3.7 percent on monthly basis. On other hand private sector deposits in last year for the same period were QR434.6bn, recording an increase of 9.6 percent on yearly basis.
The non-resident deposits in commercial banks in August this year amounted to QR209.56bn. The commercial banks total deposits in August 2022 accounted for QR973.15bn compared to QR955.66bn recording a rise of 1.8 percent year-on-year and 0.9 percent month-on-month.
According to the official data Qatar’s commercial banks credit facilities in public sector during August 2022 reached QR362.59bn attaining a monthly growth of 1.7 percent. While the private sector credit facilities during the same month stood at QR791.09bn seeing a rise of 6.6 percent and 0.3 percent on year-on-year and month-on-month basis respectively.
In case of non-resident credit facilities in commercial banks witnessed 8.2 percent and 1.4 percent decline in August 2022 on yearly and monthly basis. The country’s commercial banks total credit amounted to QR1.218 trillion in August 2022.
The money supply1 (M1) amounted to QR157.91bn during August 2022 showing an annual increase of 2.6 percent and monthly decline of 1.8 percent.
While the money supply2 (M2) recorded about QR678.18bn during August 2022 compared to QR603.41bn in same period in 2021, an annual and monthly rise of 12.4 percent and 0.4 percent. The money supply3 (M3) stood at QR779.36bn registering a growth of 12.8 percent and 1.7 percent on year-on-year and month-on-month basis.
