Mubasher: Qatar’s foreign cash reserves surged 31.07% year-on-year in November, marking their ninth monthly rise in a row and their highest level in 28 months or since July 2016.

The gulf nation’s foreign reserves jumped to QAR 176.24 billion ($48.41 billion) last month from QAR 134.46 billion ($36.94 billion) in November 2017, data released by the Qatar Central Bank (QCB).

Month-on-month, foreign reserves went up 2.18% from QAR 172.48 billion.

The reserves are divided at QAR 4.48 billion in gold reserves, QAR 60.89 billion in credit held with foreign banks, added to QAR 39.83 billion in foreign bonds and treasury bills, the QCB’s budget data showed.

Reserves also included QAR 1.93 billion in special drawing rights (SDR) deposits, which is held by the International Monetary Fund (IMF), bringing the total value of official total reserves to QAR 107.13 billion.

Official total reserves include SDRs, the stake held with the IMF, bonds, foreign treasury bills, credit held with foreign banks and gold.

Other liquid foreign assets (deposits) reached QAR 69.10 billion by the end of November, according to the QCB’s budget data.