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FINANCIAL NEWS
Saudi’s foreign assets grow to record high of USD580b in Q1
09 May 2012
(MENAFN) Saudi Arabia Monetary Agency (SAMA) stated that during the first quarter, the country’s foreign assets grew by USD25.58 billion to a record high of USD580 billion from USD554 billion at the end of last year, reported Emirates 24/7.
The country’s central bank attributed the increase to a surge in oil prices and the Kingdom’s oil production.
It also said that deposits with banks abroad jumped by nearly USD21.59 billion to USD132.02 billion, compared with USD110.37 billion.
Moreover, investment in foreign securities reached USD385 billion, with an increase of around USD5.06 billion from USD380 billion.
It is worth noting that Saudi’s current account grew to USD156 billion, compared with USD69 billion.
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