CNBC Arabia highlighted in a report that the total value of Qatar’s gold holdings reached 30.7 billion riyals by the end of last July, the highest level ever, representing 16% of the country’s total official reserves, according to data issued by the Qatar Central Bank.
CNBC, which specializes in economic affairs, reported that the State of Qatar ranks 38th globally in gold ownership, with about 106.4 tons, according to data from the World Gold Council.
The report also indicated that the State of Qatar increased the pace of its gold purchases from 40 tons in February 2020 to exceed 100 tons by the end of 2023.
On August 14, Al Arab published a report on Qatar’s expansion during the current year in purchasing gold reserves, bringing its stock of the yellow metal to the equivalent of 30.7 billion riyals by the end of the first half of 2024, with gold adorning the list of international reserves owned by the state, which also includes foreign currencies, securities, bonds and balances with foreign banks abroad, reaching about 251 billion riyals, according to data from the Qatar Central Bank at the end of last July.
The Reserve Department manages and invests the funds and reserves of Qatar Central Bank in accordance with and in line with the investment policy and strategy approved by the Bank’s Investment Committee. The objectives of the investment policy are to achieve returns on invested assets within the specified standards while maintaining the safety of assets and maintaining a sufficient amount of liquidity to maintain the stability of the exchange rate and, in general, the financial stability of the banking sector.
Economic experts confirmed to Al Arab that Qatar’s interest in buying and storing gold enhances its ability to secure and protect the economy from any crises or challenges. They stressed that the current period is witnessing a demand from governments and individuals to buy and store gold, and invest in the yellow metal, as it is the best investment in light of global crises, and the most attractive safe haven throughout history, which achieves financial returns, without any risk compared to other financial, commercial and real estate investments.
