SAMA exceptionally transfers SAR 150 bln FX reserves to PIF in March, April: Al Jadaan

Saudi Minister of Finance and Acting Minister of Economy and Planning, Mohammed Al Jadaan, said that an amount of SAR 150 billion ($40 billion) was exceptionally transferred from the Saudi Arabian Monetary Authority’s (SAMA) FX reserves to the Public Investment Fund (PIF) last March and April.

This transfer led to a noticeable decline in FX reserves, as SAMA's data do not include the PIF investments, the minister added.

The minister stressed that the transfer was made after ensuring the adequacy of FX reserves. Maximizing the return on the Kingdom’s assets will reflect positively on economic performance and public finances. It will also help mitigate the negative effects of the COVID-19 pandemic.

Al Jadaan further indicated that PIF investment returns will be available to support the public finances when needed.

SAMA’s assets fell in March by SAR 70 billion month-on-month to SAR 1.824 trillion, according to data compiled by Argaam.