Doha, Qatar: Qatar’s banking sector has been characterised by continuous growth and stability which has consolidated its position as a major player in the regional financial landscape.

The total assets of commercial banks operating in Qatar increased by 5.1 percent to QR1.98 trillion in May 2024 according to Qatar Central Bank (QCB) official data.

QCB posted on its X platform the key banking sector indicators recorded growth in May this year compared to last year. The key highlights from May 2024 Monthly Monetary Bulletin showed that the total assets of commercial banks witnessed year-on-year expansion by 5.7 percent to reach QR1.98 trillion.

The total domestic deposits also witnessed a jump by 8.4 percent on yearly basis to reach QR843.3bn in May this year. While the domestic credit in May 2024 soared 5.1 percent year-on-year to QR1.26 trillion.

The post further stated that the total broad money supply (M2) increased by 5.9 percent to reach QR740.2bn in May 2024 on year-on-year basis.

The Qatar Central Bank has also played a crucial role in this journey, by strengthening governance, transparency, accountability, and regulatory reform. These efforts are instrumental in fostering a healthy financial ecosystem.

To maintain the sustainability of this progress, the country’s regulators have always actively played their part, relentlessly adapting to evolving economic conditions and international standards.

The total assets of commercial banks saw year-on-year expansion by 3.7 percent to reach QR1.96 trillion in April of this year.

The total domestic deposits also witnessed a jump by 7.3 percent on yearly basis to reach QR840.2bn in April this year. While the domestic credit in April 2024 soared 4.7 percent year-on-year to QR1.25 trillion.

Meanwhile the total broad money supply (M2) increased by 5.7 percent to reach QR736bn in April 2024 on year-on-year basis.

Last year, QCB unveiled the Qatar FinTech Strategy 2023, which is in line with the Qatar National Vision 2030 goal of promoting diversification and innovation in the financial sector. The QCB’s financial technology vision is based on developing, diversifying and increasing the competitiveness of Qatar’s financial technology and services sector through pioneering infrastructure and providing solutions that positively impact the customer experience.

The QCB’s financial technology vision is based on developing, diversifying and increasing the competitiveness of Qatar’s financial technology and services sector through pioneering infrastructure and providing solutions that positively impact the customer experience.

It grants companies unprecedented flexibility in dealing with the bank in a manner that suits their specific circumstances.

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