Qatar Central Bank Issues Treasury Bills Valued at $163.3 Mln for Sept.

The Qatar Central Bank (QCB) issued treasury bills for September for three, six and nine months, with a value of QR 600 million ($163.6 million). (Asharq Al-Awsat)
The Qatar Central Bank (QCB) issued treasury bills for September for three, six and nine months, with a value of QR 600 million ($163.6 million). (Asharq Al-Awsat)
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Qatar Central Bank Issues Treasury Bills Valued at $163.3 Mln for Sept.

The Qatar Central Bank (QCB) issued treasury bills for September for three, six and nine months, with a value of QR 600 million ($163.6 million). (Asharq Al-Awsat)
The Qatar Central Bank (QCB) issued treasury bills for September for three, six and nine months, with a value of QR 600 million ($163.6 million). (Asharq Al-Awsat)

The Qatar Central Bank (QCB) issued treasury bills for September for three, six and nine months, with a value of QR 600 million ($163.6 million).

In a statement, QCB said the treasury bills were distributed as follows: QR 300 million for three months at an interest rate of 1.09 percent, QR 200 million (54.4 million) for six months at an interest rate of 1.99 percent, and QR 100 million ($27.2 million) for nine months at an interest rate of 2.22 percent.

The issuance is part of the Central Bank's monetary policy initiatives and its efforts to strengthen the financial system and activate the tools available for open market operations.

It is part of a series of issues executed by the Central Bank on behalf of the government and in accordance with the schedule prepared by both the QCB and the Ministry of Finance.

Meanwhile, the Arab Monetary Fund (AMF) expected Qatar’s economy to grow by 4.4 percent this year and 3.6 percent in 2023, supported by the boom in activities related to the country’s hosting of the FIFA World Cup Qatar 2022, and the growth of non-hydrocarbon activities, in addition to its vital role in the global gas market.

The fund said in a report that it expected inflation in Qatar to reach about 4.3 percent during the current year, and it will decline to 3.5 percent in 2023.

The AMF expected the Gulf Cooperation Council countries to achieve a relatively higher growth rate this year, at about 6.3 percent, compared to 3.1 percent last year, due to a host of factors supporting growth in both the oil and non-oil sectors, and the positive impact of economic reforms, in addition to the continued adoption of stimulus packages supportive of recovery from the Covid-19 pandemic.

It is likely that the growth rate of the group of countries will decline to 3.7 percent in 2023, the AMF said.



Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
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Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo

The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further.”

Hochstein, speaking to the FT said that the US would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."

The Energy Department this year has been buying about 3 million barrels of oil per month for the SPR after selling 180 million barrels in 2022 following Russia's invasion of Ukraine. The move was an effort to curb gasoline prices that spiked to more than $5.00 a gallon, but it also reduced the reserve to its lowest level in 40 years.

Earlier this month, Energy Secretary Jennifer Granholm told Reuters that the US could hasten the rate of replenishing the SPR as maintenance on the stockpile is completed by the end of the year.