By: Eman Ghaly
Mubasher: Deposits of banks operating in Qatar rose 13.2% during 2017, the Qatar Central Bank’s (QCB) data showed on Tuesday.
Total deposits rose to QAR 823.03 billion ($226 billion) in December 2017 from QAR 726.88 billion ($199.60billion) in the same period a year earlier.
Lenders’ total deposits levelled up 2.6% month-on-month, the QCB’s monthly bulletin revealed.
In December 2017, the government of the world’s biggest exporter of liquefied natural gas (LNG) had injected QAR 5.07 billion into the local banks that in return increased the public sector’s deposits by 1.6% month-on-month to QAR 323.36 billion, the data added.
Since 5 June 2017, Qatar has been facing outflows of foreign deposits after four Arab countries led by Saudi Arabia cut their diplomatic ties with the gas-rich state, accusing Qatar of financing terrorism.
Moreover, foreign deposits slid 25.2% to QAR 137.1 billion in December 2017, from QAR 183.22 billion in the same period in 2016.
Month-on-month, the private sector’s deposits increased 3.5% to QAR 464.81 billion in December versus QAR 449.029 billion a month earlier, while non-bank deposits inched up 0.03% to QAR 34.87 billion.
