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Saudi’s forign assets at USD480b in May

02 Jul 2011

(MENAFN) Saudi central bank reported that the Kingdom’s net foreign assets amounted to USD480 billion in May, thus hitting a new record, due to the increase in oil prices which boosted spending, reported Arab News.

The gains in the kingdom’s foreign asset position continued for at least the sixth consecutive month, climbing 2.5 percent from April.

According to the central bank, if oil prices stay at these levels, then Saudi Arabia will see its foreign assets climbing above the half a trillion US dollar.

It is worth noting that unrest in some Arab states, including the civil war in Libya, helped propel oil prices well above USD100 per barrel for much of the past few months before the US benchmark crude futures contract eased back to the low-to-mid USD90s.

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