Saudi Arabia’s net foreign assets increased in June

Saudi Arabia’s net foreign assets rose 2% in June, according to the Saudi Central Bank monthly report.

This comes as the recovery in oil prices gave the Saudi economy a boost.

Saudi Arabia’s net foreign assets at the central bank increased by SAR 34 billion ($9.1 billion) in June.

Assets have declined in 2020 as lower oil income strained finances and officials transferred $40 billion to the kingdom’s sovereign fund to fuel an investment spree.

Several experts believe the rise in oil prices would greatly benefit Saudi economy in the coming months.

The price of Brent crude averaged over $73 a barrel in June, compared to $68 in May and $65 in April.