Jan 29 2012 |
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KSA foreign assets gain SR352bn
Surge to record SR2,057bn on back of high oil prices
It was the biggest annual increase in the assets controlled by the Saudi Arabian Monetary Agency ( SAMA ) since 2008, when they rocketed by a whopping SR513 billion mainly because of a 50 per cent rise in crude prices that allowed the country to record its highest fiscal surplus of SR580 billion.
The increase last year was also more than double the assets growth of around SR135 billion through 2010, when they ended the year at SR1,705 billion compared with SR1,570 billion at the end of 2009.
Deposits with banks abroad grew to nearly SR414 billion from SR343 billion in the same period, the report showed.
The current account of the largest Arab economy and the world's oil powerhouse also shot up to $156 billion from $69 billion.
Buoyed by strong oil prices, Saudi Arabia has just announced a record high budget of SR690 billion for 2012 and analysts expect actual spending to end the year much higher.
© Emirates 24|7 2012
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