The Saudi Arabian Monetary Agency’s (central bank) reserve assets dipped by one per cent in August to SAR2.48 trillion compared with SAR2.51trn in July, new data reveals.
The kingdom’s reserve assets started a downward slope since February this year, shedding SAR271 billion of their value, according to data compiled and analysed by Al-Eqtisadiah.
In January this year, the kingdom’s reserve assets amounted to a massive SAR2.75trn, according to the statistics.
Compared with the figures recorded in the same month (August) last year (SAR2.8trn), the data indicates that the country’s reserve assets dropped by 11.2 per cent or SAR131.4bn.
Saudi Arabia’s reserve assets include investments in securities abroad, foreign currency and deposits abroad, reserves with the International Monetary Fund, special drawing rights and gold.
In August, foreign currency and deposits abroad reserves retreated by 5.7 per cent or SAR40.8bn to stand at SAR678bn compared with SAR718.8bn in July.
Meanwhile, investments in securities aboard edged up by 1 per cent or SAR15.9bn in August to a total of SAR1.76trn from SAR1.74trn in July.
Furthermore, reserves with the International Monetary Fund surged to SAR12.2bn against SAR11.8bn in July, up by three per cent or SAR351 million.