Riyadh – Mubasher: The Saudi Central Bank’s (SAMA) net foreign assets stood at SAR 1.62 billion at the end of May 2021, down by 2.75% annually from SAR 1.66 billion in the same month a year ago, according to official data.
On a monthly basis, SAMA’s net foreign assets slightly decreased by 0.6% from SAR 1.63 billion in April.
Saudi Arabia’s net foreign assets in May also decline by 1% from SAR 1.68 billion at the end of 2020.
The Kingdom’s reserves were seen at their lowest level since the end of 2010, due to “the enormous build up during 2011-14, catalysed by oil prices at more than $100 per barrel has been eroded over the past years thanks to low and volatile oil prices,” Emirates NBD commented in a recent paper.
The Gulf country’s reserves have been stable since Q2the second quarter (Q2) of 2020. “Since May, oil prices have jumped considerably which should also help to replenish Saudi Arabia’s reserve position,” Emirates NBD added.
