Saudi June’s total foreign assets USD505.8b

20 Aug 2011

(MENAFN) Saudi Arabian Monetary Agency (SAMA) said that in June, the Kingdom’s total foreign assets reached USD505.8 billion, driven by USD10.6 billion gained in the month, reported Emirates 24/7.

SAMA added that in 2011’s first half, foreign assets in the Kingdom grew to around USD51 billion, moreover, the increase came as a result of the surge in global oil prices and oil production in the country.

The Kingdom’s central bank also said that at the end of June, its deposits with banks abroad rose to USD99 billion from USD95.9 billion at the end of May, whereas investment in foreign securities increased from USD344.8 billion to USD352 billion.

It is worth noting that the increase in June’s foreign assets means that the country earned more than it spent indicating that by the end of 2011, the fiscal deficit could shift into a surplus, previously the Kingdom said its 2011 budget will reach USD154.6 billion with a deficit of USD10.6 billion.

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