Qatar Central Bank’s foreign reserves surge 6.82% in November 2022.

Around QR6 billion worth of treasury bills were issued by Qatar Central Bank (QCB) on Tuesday, official sources have announced.

In a tweet, QCB revealed that it had issued QR6 billion in Treasury Bills and Sukuk.

QR500 million was distributed for a week at an interest rate of 5.0050 percent; QR500 million for a month at an interest rate of 5.0625 percent; QR2 billion for a period of three months at an interest rate of 5.1450 percent; QR1.7 billion for a period of six months at an interest rate of 5.2025 percent; and QR1.3 billion for nine months at an interest rate of 5.2500 percent.

Authorities also announced that a record number of bids were placed in the auction, amounting to a total of QR11.46 billion.

In line with the most recent rate hike by the US Federal Reserve, Qatar Central Bank announced earlier this month it would raise interest rates by 50 basis points. Its deposit, lending, and repo rates increased by 50 basis points to 5%, 5.5%, and 5.25%, respectively.

In addition, the Qatar Central Bank’s (QCB) foreign exchange reserves and liquidity increased by 6.82% to QR 223.985 billion in November of this year compared to QR 209.675 billion at the same time in 2021.

The Gulf nation’s SDR deposits at the IMF, on the other hand, saw a decline by the end of November 2022, falling by QR 330 million from November 2021 to reach QR 5.193 billion.

In the same context, as compared to November 2021, balances with foreign banks decreased by roughly QR 12.340 billion to reach QR 17.470 billion at the end of November 2022.