Saudi Arabia’s reserve assets down 1.1 per cent in June
The reserve assets of the Saudi Arabian Monetary Agency (SAMA) dipped by 1.1 per cent to SAR2.52 trillion in June compared with SAR2.55trn in May.
The kingdom’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 kingdom’s reserve assets stood at SAR2.75trn, Al-Eqtisadiah reports.
The decline in reserve assets was a result of a drop in the sales of foreign securities, according to an analysis by the paper. The value of the kingdom’s foreign securities reached SAR1.8trn in June against SAR1.9trn in May.
By the end of June, the kingdom’s securities accounted for 72 per cent of its reserve assets, down from 76 per cent in May.
The world’s largest oil exporter’s reserve assets retreated by 9.5 per cent 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.
(SAR1 = AED0.98, at the time of publishing)