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

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

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

The central bank’s net foreign assets declined by 2 percent 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 percent to be valued at SR1.85 trillion in October. This was mainly driven by 11.8 percent decline in the central bank’s deposits with international banks.

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