Riyadh: Saudi Arabia’s foreign reserves rose 2.27% year-on-year, or SAR 41.98 billion ($11.19 billion), to SAR 1.892 trillion in October, from SAR 1.85 trillion, Saudi Arabian Monetary Authority’s (SAMA) data revealed.

The rise of foreign reserves was attributed to a SAR 12.6% growth in foreign cash and deposits abroad, reaching SAR 656.04 billion in October, against SAR 582.64 billion in the same month a year earlier, the Saudi central bank added.

On the other hand, investments in overseas securities fell 2.6% year-on-year to SAR 1.198 trillion, compared to SAR 1.230 trillion.

The reserves status at the International Monetary Fund (IMF) declined slightly to SAR 6.62 billion in October, versus SAR 6.82 billion in the same month of 2017, whereas Special Drawing Rights (SDRs) grew to SAR 29.79 billion, from SAR 28.89 billion.

Cash gold remained unchanged at SAR 1.624 billion by the end of October.

On a monthly basis, Saudi reserves inched down 0.5%, or SAR 9.81 billion last month, from SAR 1.902 trillion.

The kingdom’s foreign reserves comprise of investments in securities abroad, foreign cash, overseas deposits, reserves status at the IMF, SDRs, and cash gold.

Source: Mubasher

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