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Saudi Arabia's foreign assets jump by $70.8bn until August
- Saudi Arabia: Wednesday, November 14 - 2012 at 05:10
The Saudi Arabian Monetary Agency (Sama) has said the kingdom's foreign assets grew by $70.83bn during the January-August period, Saudi Gazette has reported. The country's foreign assets rose to $613bn at the end of August from $547bn at the end of 2011, due to higher oil prices, Sama said. The central bank's assets in 2011 surged by around $93.73bn, driven by strong oil prices and a notable increase in the country's crude production to an average 9.3 million barrels per day (bpd) from approximately 8.2 million bpd. Experts said the increase in the assets in the first eight months meant that Saudi Arabia is heading for another massive fiscal surplus for the third year running as a result of high oil prices and the country's production. According to National Commercial Bank, the surplus could exceed SR300bn.
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