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Saudi assets hit USD647b in Jan-Nov 2012: CB

07 Jan 2013

(MENAFN) The Saudi Arabian Monetary Agency (SAMA) stated that its foreign assets grew by USD100 billion in the January-November period of 2012 to hit USD647 billion, reported Emirates 24/7.

The central bank said that the figure, compared with USD547 billion at the end of 2011, was attributed to high oil prices that averaged more than USD110 per barrel in the 11-month period.

It added that deposits with banks abroad increased to USD143.16 billion, compared with USD110.24 billion, while investment in foreign securities rose to USD441 billion from USD380 billion.

Moreover, the increase in assets also resulted from a huge fiscal surplus recorded by the country through 2012, when it stood at USD103 billion, the second largest fiscal surplus after the 2008 record of USD154.7 billion.

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