Saturday, 23 September 2023 08:49 GMT

KSA hits its lowest level in foreign reserves since 2010


(MENAFN) a statement issued by the Saudi Central Bank (SAMA) on Sunday indicates that Saudi Arabia’s foreign exchange assets decreased during the previous month to their worst amount in more than a decade (13 years).

Based on the numbers, the kingdom’s net foreign assets declined to 1.538 trillion riyals (USD410 billion) last month, losing USD8.8 billion from the month before.

This indicates the fifth successive month of drops and the highest streak of declines since the first few months of 2019. Assets are presently decreased over 44 percent since achieving its peak at nearly USD737 billion in August 9 years ago, and are at their worst rate since falling to USD418 billion in April 2010.

Based on experts who talked to a news agency, the latest fall in net assets accorded with a fall in the administration’s funding into assets.

“The drop in SAMA’s FX reserves came in parallel to a drop in government deposits at SAMA,” Mohamed Abu Basha, chief of macroeconomic research at Cairo-located investment bank EFG Hermes, informed the news agency.

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