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FINANCIAL NEWS
Saudi posts rise of USD20.26b in foreign assets in Jan-Feb: CB
03 Apr 2012
(MENAFN) Saudi Arabia Monetary Agency (SAMA) said that in the January-February period, the Kingdom’s foreign assets grew by around USD20.26 billion from the USD548.42 billion recorded at the end of 2011 to USD568.69 billion, reported Emirates 24/7.
The central bank added that deposits with banks abroad increased by nearly USD13.33 billion to USD129.46 billion, compared with USD116.13 billion.
It also said that the assets hiked by nearly USD93.84 billion last year, due to high oil prices and a notable surge in the country’s crude production, recording the biggest yearly rise in the assets controlled by the bank since 2008.
It is worth noting that Saudi’s fiscal surplus expanded from USD23.19 billion in 2010 to around USD81.85 billion in 2011, with the current account growing to USD156 billion from USD69 billion.
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