Qatar achieves QR7.1bn budget surplus in the first half of 2018, says QCB Governor
If the world thought Qatar would reel under the weight of the unjust blockade imposed on it more than a year ago, then they could not have been more mistaken.
After facing some hardships initially, the country has made a strong comeback.
Qatar’s Central Bank Governor HE Sheikh Abdullah bin Saoud Al Thani announced that the country had achieved a budget surplus of QR7.1bn in the first half of the year, according to Gulf Times.
Sheikh Abdullah said that during the same time in 2017, Qatar had a budget deficit amounting to QR35.4bn.
“Thanks to the wise leadership and concerted efforts of all sectors in Qatar, the crisis has been overcome, and the negative effects of the unjust siege addressed. Today, Qatar is stronger than ever, and its economy is stronger than before June 5, 2017,” he was quoted as saying.
The Governor said the country’s real Gross Domestic Product (GDP) had grown by 2.5% in the first six months of 2018.
Qatar’s international reserves and foreign currency liquidity, which had dropped by 20% in the first few months after the boycott, are now back to normal, and amounted to $46.5bn at the end of September, he was quoted as saying by The Peninsula.
Qatar’s GDP growth is projected to rise to 2.4% in 2018 from 1.6% in 2017 on the back of higher energy prices, the International Monetary Fund had said in November.
Sheikh Abdullah said precautionary measures taken by the QCB to enhance the flexibility and development of the financial system helped bring things under control.
The monetary policy taken by the QCB under the unjust siege led to effective management of this crisis, which reflected positively on the banking and financial sector, he continued.
The total assets of Qatar-based commercial banks grew by 5% in the first nine months of 2018. Concerning pooled savings, customer deposits with commercial banks have increased to more than 2.5% until September 2018.
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