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Saudi Central Bank’s Foreign Reserves Dip $12.8 bln in December

The Saudi Central Bank’s net foreign assets decreased by $12.8 billion in December, totaling $413.22 billion. This represents a 3% decline from November’s $427.49 billion. Year-on-year, assets fell by 5.3%, indicating a downward trend.

Detailed Breakdown of Reserve Assets

Foreign currency reserves, comprising 94% of total assets, dropped by 5% year-on-year to SAR 1.54 trillion. The International Monetary Fund (IMF) reserves decreased by 5%, while Special Drawing Rights (SDRs) increased by 1%.

The monetary base rose by 7.67% year-on-year, reaching SAR 405.82 billion in December. Conversely, net claims on the government decreased by 6.6%, totaling SAR 422 billion.

Quarterly Trends in Foreign Assets

In September 2024, net foreign assets stood at $433.48 billion, marking a 3.14% annual increase. However, a 2.9% decline occurred compared to August’s $446.6 billion.

SAMA’s proactive reserve management aims to cushion external shocks while funding transformative domestic infrastructure developments. Economists emphasize that temporary fluctuations align with strategic goals rather than signaling fiscal weakness. As diversification accelerates, Saudi Arabia remains positioned to leverage its reserves for sustainable, innovation-driven growth.

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