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Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October

Image: Arab News

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CAIRO: Net foreign assets held by the Saudi Central Bank went down by a monthly rate of 3.3 per cent to reach SR1.63 trillion ($433 billion) in October, Arab News quoted newly released data by SAMA.

The central bank’s net foreign assets declined by 2 per cent compared to last year’s October.

Commercial banks’ net foreign assets also decreased to SR47.9 billion in October down from SR59.8 billion in the previous month.

The banks’ net foreign assets nearly halved in value compared to the same month a year ago.

SAMA’s total assets slipped by 2 per cent to be valued at SR1.85 trillion in October. This was mainly driven by an 11.8 per cent decline in the central bank’s deposits with international banks.

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