Stock photo used for representational purposes only. Photo by Abdul Basit/ The Peninsula
The banking sector in Qatar showed resilience and recorded growth in August. Commercial banks in Qatar saw an increase in deposits and credit facilities year-on-year in August 2022 according to data from the Planning and Statistics Authority.
Public sector deposits stood at QR 328.98 billion in commercial banks in August 2022, compared to their counterpart in the previous year (August 2021), amounting to QR 281.18 billion, showing an annual growth of 17% and an increase of 3.7% on a monthly basis. On the other hand, private sector deposits last year for the same period amounted to QR 434.6 billion, registering an increase of 9.6% on an annual basis.
Deposits of non-residents in commercial banks in August this year amounted to QR 209.56 billion. Total commercial bank deposits in August 2022 stood at QR 973.15 billion, compared to QR 955.66 billion, registering an increase of 1.8% YoY and 0.9% YoY.
According to official data, credit facilities of commercial banks in Qatar in the public sector in August 2022 reached QR 362.59 billion, reaching a monthly growth of 1.7%. While private sector credit facilities in the same month stood at QR 791.09 billion, registering an increase of 6.6% and 0.3% on an annual and monthly basis respectively.
In the case of non-resident credit facilities, commercial banks recorded a decline of 8.2% and 1.4% in August 2022 on an annual and monthly basis. The total commercial bank credit in the country stood at QR 1.218 billion as of August 2022.
Money supply1 (M1) stood at QR 157.91 billion in August 2022, showing an annual increase of 2.6% and a monthly decrease of 1.8%.
While money supply2 (M2) recorded around QR 678.18 billion in August 2022, compared to QR 603.41 billion in the same period of 2021, an annual and monthly increase of 12.4% and 0.4 %. The money supply3 (M3) stood at QR 779.36 billion, registering a growth of 12.8% and 1.7% on an annual and monthly basis.