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Saudi Arabia Foreign Exchange Reserves Surge By 2.3%


Aizbah KhanWeb Editor

29th Dec, 2020. 11:49 pm
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Saudi Arabia Foreign Exchange Reserves Surge By 2.3%
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A report released by Saudi Central Bank (SAMA), states that the country’s total overseas reserves increased by 2.3% in November 2020, reaching 1.71 trillion riyals.

According to the report released by the central bank, Saudi Arabia’s overseas reserves increased by 38.7 billion riyals in November compared to October this year.

Report further stated that the total reserves of the Saudi Central Bank “Sama” include gold, special drawing rights, reserves with the International Monetary Fund, foreign exchange and overseas reserves, as well as investments in overseas securities.

According to the data released at the end of November, investments in overseas securities stood at 1.09 billion riyals, while the value of cash and financial reserves abroad was about 574.8 billion riyals.

The value of reserves in the International Monetary Fund increased from 12.2 billion riyals at the end of last October to 12.3 billion riyals at the end of November.

The value of special drawing rights increased from 30.8 billion riyals at the end of October to 31.2 billion riyals at the end of November, while the value of gold within these reserves remained stable at 1.6 billion riyals.

At the end of October 2020, the reserves in the Saudi Central Bank were worth about 1.674 trillion riyals, compared to 1.678 trillion riyals at the end of September.

On the other hand, at the end of November 2020, the total assets of the Saudi Central Bank increased from 1.85 billion to 37.4 billion riyals compared to the previous month.

At the end of November, the total assets in the banking system of Saudi Arabia crossed the 4 trillion riyal value for the first time since 2015.

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