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FINANCIAL NEWS
Saudi third after China and Japan in financial reserves
08 May 2013
(MENAFN) Saudi Arabia scored third in the world’s largest financial reserves by the end of 2012, reported Emirates 24/7.
The increase of oil prices and its exports played a major role in this process, and the country’s cash and gold reserves increased by 21.5 percent.
Saudi Arabia’s reserves witnessed a growth by 4.3 percent from 2001 until the end of 2011, and this percentage could increase to a total of 6.5 percent by the end of 2013.
Saudi Arabian Monetary Agency, which is responsible for the financial reserves, said that it increased by USD114 billion in 2012.
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