Saudi foreign reserves down 10% in September

Monthly, investments in foreign securities grew to $280.8bln in September

  
A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016. Image used for illustrative purpose.

A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Riyadh – The Saudi foreign reserves declined by 10.5% on a year-on-year (YoY) basis in September 2020, after hitting their five-month high last August.

The kingdom’s foreign reserves stood at SAR 1.68 trillion ($447.3 billion) last month, compared with SAR 1.88 trillion ($500.3 billion) in the year-ago month, official data showed.

Monthly, investments in foreign securities grew to SAR 1.05 trillion ($280.8 billion) in September from SAR 1.02 trillion ($271.9 billion) in August. On an annual basis, the investments fell when compared to SAR 1.18 trillion ($316.7 billion) in September 2019.

Saudi reserve position in the International Monetary Fund (IMF) hiked by 27.9% yearly in September to SAR 12.18 billion.

Meanwhile, Special Drawing Rights (SDR) totalled SAR 30.71 billion while the monetary gold reserves remained unchanged at SAR 1.624 billion.

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