12 Nov 2012
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) stated that during the January-August period, the country’s foreign assets grew by USD70.83 billion, reported Emirates 24/7.
The Kingdom’s foreign assets hit USD613 billion at the end of August, up from USD547 billion at the end of 2011.
The central bank attributed the increase to higher oil prices, which averaged more than USD110 per barrel in the aforementioned period.
The country’s deposits with banks abroad rose to USD130.53 billion in the 8-month period, compared with USD110.24 billion, while investment in foreign securities, representing nearly two thirds of the total assets, reached USD424 billion, up from USD380 billion.
It is worth noting that the central bank’s assets in 2011 surged by around USD93.73 billion, driven by strong oil prices and a notable increase in the country’s crude production to an average 9.3 million barrels per day (bpd) from approximately 8.2 million bpd.
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