Mubasher: Assets owned by banks operating in Qatar increased 6.6% year-on-year in June, recording the second-best performance in 2018, data released by the Qatar Central Bank (QCB) on Monday showed.

Total assets amounted to QAR 1.39 trillion ($382.44 billion) in June up from QAR 1.30 trillion ($358.73 billion) in June 2017.

Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries, led by Saudi Arabia, cut their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism. Doha forcefully denied the charges.

On a monthly basis, assets rose 3.4% from QAR 1.34 trillion in May, the QCB's data showed.

Qatari banks’ loans went up 2.7% to QAR 929.78 billion in June, versus QAR 905.27 billion in the prior month, while cash and precious metals dropped 7.4% month-on-month to QAR 9.3 billion in June from QAR 10.11 billion.

Similarly, banks’ reserves fell to QAR 35.78 billion in June, from QAR 36.18 billion in May.

Source: Mubasher

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