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|18 October, 2018

GCC members raise holdings in US T-bills

GCC member states have raised their holdings of US treasuries and bonds by a combined 0.9% to $285.574bln in August from $283bln in July

Image used for illustrative purpose. An employee of the Korea Exchange Bank (KEB) counts U.S. 100-dollar bills at the bank's headquarters in Seoul October 13, 2008.

Image used for illustrative purpose. An employee of the Korea Exchange Bank (KEB) counts U.S. 100-dollar bills at the bank's headquarters in Seoul October 13, 2008.

REUTERS/Lee Jae-Won

GCC member states have raised their holdings of US treasuries and bonds by a combined 0.9% to $285.574 billion in August from $283 billion in July. Globally, China continued to take the lead on US treasury holdings.

Upping Investments

Data released by the US Treasury Department showed that Saudi Arabia was the top GCC buyer of US treasuries, having increased its holdings by 1.6% to $169.5 billion in August from $166.8 billion the prior month.

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Kuwait came in second on the list in terms of holdings with $43.6 billion, up 1.6% month-on-month in August from $42.9 billion, and up 22.5% year-on-year from $35.6 billion.

Qatar was also among those who had upped their investments in US treasuries, although the increase was slight at 0.07% to $1.338 billion in August versus $1.337 billion in the prior month.

Trimmed holdings

Although the UAE ranks third in terms of the level of US treasury holdings, it lowered its investments by 1.17% to $59 billion in August from $59.7 billion a month earlier.

The Sultanate of Oman’s US treasury holdings also fell to $11.388 billion from $11.437 billion in July, data released by the US Treasury Department indicated.

Bahrain tailed its GCC peers in terms of holdings with $906 million in August, down from $983 million in July.

Globally

China was the leader in terms of the value of US treasury holdings with $1.165 trillion by the end of August, even though it reduced its holdings from $1.178 trillion a month earlier.

Japan ranked second globally with $1.029 trillion in holdings against $1.035 trillion in July.

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