Qatar: 12 months after rate cut, foreign money holdings rise to $47.6 billion

Qatar cut its main interest rate on November 30, 2025. The International Monetary Fund reports a cut to 4.35% from 4.60%.

Since the decision, the central bank’s stock of foreign money, excluding gold, has risen. It stood at $39.9 billion in November 2025, the month of the cut. By October 2026, it reached $47.6 billion.

The figures come after the decision in time. This brief does not attribute their movement to the rate cut.

In the months that followed, the stock did not rise throughout. It stood at $36.2 billion in February 2026, below its level when the rate was cut. It then rose to $47.6 billion by October, an increase of 31% from February.

The fund reports rises in 6 of the last 8 months. That shows repeated increases, rather than an uninterrupted climb. By October, Qatar held more foreign money than both at the time of the decision and in February.

For businesses that buy goods abroad, a central bank’s stock of foreign money matters as a buffer for overseas payments. The cost of borrowing also matters to businesses paying for equipment and households taking out loans.

The follow-up therefore shows a lower main interest rate at the decision date and a larger stock of foreign money later. The path between those dates includes a fall before the rise to October’s level.

Built from 1 statistically detected findings; every figure traces to official multilateral data.