Complex Made Simple

KSA general reserves up to SAR659.5 billion in July

Kingdom had earlier declared a decline during the first half of 2015

Saudi Arabia’s general reserves rose by SAR184 million to SAR659.5 billion by the end of July, compared with June 2015, according to Saudi Arabian Monetary Agency’s (SAMA) monthly data for July 2015.

The total decline in Saudi Arabia’s general reserves amounted to nearly SAR245bn during the first seven months of 2015, Saudi-based Alriyadh reports.

Any surplus in budget revenues is deposited in the general reserves account. This may not be used without a royal decree or in extreme cases of necessity related to the higher interests of the state.

The current account of the country declined by SAR3.1bn to approximately SAR66.6bn during July, compared with June 2015.

It is worth mentioning that the SAMA had earlier declared that the total decline in the general reserve of Saudi Arabia during the first six months of 2015 reached roughly SAR246bn.

(SAR1 = AED0.98, at the time of publishing)