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Saudi foreign assets surge to USD533.5b

30 Oct 2011

(MENAFN) Saudi Arabian Monetary Agency (SAMA) said that at the end of September, the country’s foreign assets grew to USD533.5 billion compared with USD514 billion at the end of the previous month, reported Emirates 24/7.

The central bank added that due to higher oil prices and the country’s growing oil output, foreign assets gained USD80 billion since the end of last year.

It also said that in the past ten years, the Kingdom’s foreign assets increased steadily due to high crude prices, reaching around USD35.9 billion through last year.

It is worth noting that the increase in the bank’s foreign assets was in both deposits with banks overseas and investment in foreign securities, whereas there was small rise in other asset components.

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