FINANCIAL NEWS

Saudi inflation pressures ease in April

12 May 2012

(MENAFN) Saudi Arabian economists said that the kingdom’s consumer price inflation rate slowed to 5.3 percent year-on-year in April from 5.4 percent in March.

The experts explained that prices rose 0.2 percent in April from a month earlier. The inflation rate was recorded at 5.4 percent in February.

They expected inflation stay flat or slightly drop as global food prices continue to decline, and relative stability in the domestic market.

From another side, a report released by Standard & Poor’s Ratings Services said that Saudi Arabia’s external and fiscal positions are strong, adding that it has reduced its general government debt through prudent macroeconomic management.

Foreign currency assets under management of the Saudi Arabia Monetary Agency (SAMA) increased to around USD570 billion in March (covering 26 months of current account payments) from around USD100 billion in 2003 (covering 14 months of current account payments).

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