World Economy

Saudi Reserves Down

Saudi Reserves DownSaudi Reserves Down

The reserve assets of the Saudi Arabian Monetary Agency dipped by 1.1% to SAR2.52 trillion ($672 billion) in June compared with SAR2.55 trillion in May, AMEinfo reported. The country’s reserve assets have been on a downward trend since February, losing SAR205 billion of their value in the Feb-May period. In January of the current year, the country’s reserve assets stood at SAR2.75 trillion. The decline in reserve assets was a result of a drop in the sales of foreign securities. The value of the country’s foreign securities reached SAR1.8 trillion in June against SAR1.9 trillion in May. By the end of June, the country’s securities accounted for 72% of its reserve assets, down from 76% in May. The world’s largest oil exporter’s reserve assets retreated by 9.5% year-on-year when compared with the figure reported in the same month last year. SAMA’s reserve assets include investments in securities, foreign currency and deposits abroad, reserve with the International Monetary Fund and special drawing rights, in addition to gold.