Saudi foreign reserve assets fall 3% to SAR 1.69T in July

18/08/2024 Argaam Special

Saudi foreign reserve assets fall 3% to SAR 1.69T in July

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Saudi Arabia's foreign reserve assets declined by SAR 56.1 billion, or 3%, month-on-month (MoM) to SAR 1.69 trillion in July 2024, according to the Saudi Central Bank (SAMA).
 
Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.
 

The table below shows development in Saudi Arabia’s foreign reserve assets since 2023:

 

Saudi Arabia's Foreign Reserve Assets

Period

Value

(SAR bln)

Change MoM

(SAR bln)

Change

(%)

January 2023

1,716.2

(8.2)

(0.5%)

February

1,697.3

(18.9)

(1%)

March

1,645.0

(52.3)

(3%)

April

1,612.1

(32.9)

(2%)

May

1,658.2

+46.1

3%

June

1,662.0

+3.8

0.2%

July

1,601.0

(61.0)

(4%)

August

1,601.4

+0.4

0.02%

September

1,648.1

+46.7

3%

October

1,597.4

(50.7)

(3%)

November

1,642.5

+45.1

3%

December

1,638.4

(4.1)

(0.2%)

January 2024

1,646.1

+7.7

0.5%

February

1,619.2

(27.0)

(2%)

March

1,707.4

+88.2

5%

April

1,667.5

(39.9)

(2%)

May

1,753.0

+85.5

5%

June

1,754.1

+1.1

0.1%

July

1,698.0

(56.1)

(3%)

 

Foreign currency reserves, representing about 95% of total assets, rose by nearly 7% year-on-year (YoY) in July to SAR 1.60 trillion.

 

Moreover, IMF reserves dropped 8% YoY, while SDRs were down by 0.4% YoY, as shown below:

 

Foreign Reserve Assets in Details (SAR bln)

Item

July 2023

July 2024

Change (%)

Monetary Gold

1.62

1.62

--

SDRs

78.37

78.03

(0.4%)

IMF Reserve Position

14.42

13.21

(8%)

Foreign Currency Reserves

1,506.58

1,605.14

+7%

Total

1,601.00

1,698.00

+6%

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