Commercial bank deposits hit QR 964 billion in February
The banking sector in Qatar showed resilience and recorded growth in February. Commercial banks in Qatar saw an increase in deposits and credit facilities year-on-year in February 2022 according to data from the Planning and Statistics Authority.
Public sector deposits stood at QR 279.5 billion in commercial banks in February 2022, compared to their counterpart in the previous year (February 2021), amounting to QR 257.8 billion, showing an annual growth of 8.4% and a decrease of 0.4% on a monthly basis. On the other hand, private sector deposits last year for the same period amounted to QR 418.8 billion, registering an increase of 3.9% and 2.7% monthly and annually.
Non-resident deposits in commercial banks in February this year stood at QR 266.2 billion from QR 251.5 billion registering a growth of 5.8% on an annual basis and a decline of 2, 1% month-on-month. Total commercial bank deposits in February 2022 amounted to QR 964.5 billion compared to QR 912.4 billion registering a 5.7% increase year-on-year.
According to official data, credit facilities of commercial banks in Qatar in the public sector in February 2022 reached QR 369.1 billion, representing an annual and monthly decline of 2.1% and 1.5% respectively. While private sector credit facilities in the same month stood at QR 722.7 billion, registering an increase of 9.7% and 0.4% on an annual and monthly basis respectively.
In the case of credit facilities for non-residents, commercial banks recorded a decline of 7.8% and 0.3% in February 2022 on an annual and monthly basis. The country’s total commercial bank credit stood at QR 1,210.8 billion in February 2022, compared to QR 1,156.2 billion in the same month of 2021, an increase of 4.5% annually.
Commercial banks in Qatar recorded an annual increase of 5.7% and 4.7% in total deposits and total credit facilities.
The money supply1 (M1) amounted to QR 162.9 billion in February 2022, showing an annual and monthly increase of 3.1% and 5.9%. While money supply2 (M2) recorded around QR 630.9 billion in February 2022, compared to QR 598 billion in the same period of 2021, an annual and monthly increase of 5.5% and 3.1%. The money supply3 (M3) stood at QR 712.3 billion, registering a growth of 5.6% and 1.4% on an annual and monthly basis.