Fitch Ratings maintained its stable outlook for Qatar, citing credible prospects for significant liquefied natural gas (LNG) production increases that would mitigate impacts from a potential Iranian conflict. 

The assessment comes as Qatar's economic fundamentals demonstrate resilience. Cash reserves and liquidity at Qatar Central Bank grew 2.35% annually to QAR 261.94bn ($71.68bn) at the end of February 2026, compared to QAR 255.92bn ($70.03bn) in February 2025, supported by three key factors.

The agency's baseline scenario assumes that the Iran-Israel-US conflict would last under one month, with the Strait of Hormuz remaining closed during hostilities, followed by Qatar resuming gas production once shipping traffic normalises.

Qatar's growing reserves indicate strengthening financial buffers amid regional uncertainty, Fitch noted in its report. The LNG expansion plans provide Qatar with long-term revenue security that could cushion temporary disruptions from regional conflict, whilst accumulated reserves offer immediate fiscal flexibility. This combination positions Qatar to maintain economic stability even if Iran tensions escalate, though actual conflict duration and Strait closure length remain unpredictable variables.

Gold reserves experienced the most dramatic increase, reaching QAR 71.19bn ($19.48bn) at the end of February 2026, an 86.07% surge from QAR 38.26bn ($10.47bn) in February 2025, and 7.86% m/m increase. The second contributing factor was deposits, special drawing rights, and IMF quota holdings, totalling QAR 5.25bn ($1.44bn), up 3.14% y/y from QAR 5.09bn ($1.39bn), though declining 0.38% monthly.

Liquid assets in foreign currency deposits, the third factor, reached QAR 59.64bn ($16.32bn), representing a 0.91% increase from QAR 59.1bn ($16.17bn) in February 2025. Reserves also grew marginally by 0.02% compared to January 2026's QAR 261.89bn ($71.66bn).