Doha: The total assets of commercial banks operating in Qatar increased by 4.3 percent to QR2 trillion in November 2024.

Qatar Central Bank (QCB) posted on its X platform yesterday the key banking sector indicators registering growth in November last year compared to last year.

The key highlights from the monthly monetary bulletin showed that the total assets of commercial banks witnessed year-on-year expansion by 4.3 percent to reach QR2 trillion.

The official data revealed that there was also a surge of 5.6 percent in the total domestic deposits on yearly basis to reach QR843.8bn in November last year.

While the domestic credit in November 2024 soared by 6.9 percent year-on-year to QR1.3 trillion.

QCB post further stated that the total broad money supply (M2) increased by 2.5 percent to reach QR735.5bn in November 2024 on a year-on-year basis.

The Third National Development Strategy (NDS-3) for 2024-30 prioritises financial services in Qatar’s future development and diversification.

The sector is embracing digitalisation, financial technology (fintech) adoption, and a host of new banking methods and services.

Since unveiling in 2008 Qatar has been following the Qatar National Vision 2030 (QNV) long-term development plan, which outlines the objective of economic diversification, with financial services – including banking – playing a pivotal role in this endeavour.

Consistent with this vision, QCB itself has published a series of long-term strategies with the release of the Third Financial Sector Strategic Plan.

This plan for the sector aligns with and complements the broader goals of the NDS-3. 

The Third Financial Sector Strategic Plan prioritises banking as one of its four strategic pillars, alongside insurance, capital markets and the digital ecosystem.

Three growth areas have been selected for banks: tailored finance, specialised advisory services, and digital banking and payment services.

At the same time, the plan sets foundational targets of enhanced regulatory measures and efficiency, developing talent and capabilities for the sector.

Furthermore, specific numerical targets have been established. By 2030 the aim is for the financial services sector to contribute some QR84bn ($23bn) to GDP, with the sector achieving a compound annual growth rate of 4.7%.

In terms of commercial credit, by 2030 the plan aims for 77% of this going to private companies with 7% of the total going to SMEs.

Meanwhile the key banking sector indicators registered growth in October last year compared to 2023.

The total domestic credit soared by 6.4 percent to QR1.3 trillion in October 2024 and the total assets of commercial banks operating in Qatar increased by 3.5 percent to QR2 trillion in October 2024.

The key highlights from October 2024 monthly monetary bulletin showed that there was a surge of 5.5 percent in the total domestic deposits on yearly basis to reach QR842.7bn in October this year.

The total broad money supply (M2) increased by 1.7 percent to reach QR733.5bn in October 2024 on a year-on-year basis.

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