Saudi foreign reserves slide 10.3% in January

The kingdom’s foreign reserves were $450bln in January 2021

Image used for illustrative purpose. Skyscrapers Against Sky.

Image used for illustrative purpose. Skyscrapers Against Sky.

Getty Images/Cleto Cordero / EyeEm

Riyadh – Mubasher: Saudi Arabia's foreign reserves slumped by 10.3% annually in January 2021, reaching their lowest level in two months.

The kingdom’s foreign reserves were SAR 1.687 trillion ($450 billion) in January 2021, compared with SAR 1.881 trillion ($500 billion) in the year-ago month, according to data from the Saudi Central Bank (SAMA).

Month-on-month (MoM), the foreign reserves edged down by 0.82% or SAR 14 billion ($3.72 billion) when compared to December 2020.

According to the data, the Saudi government reserve shrank by 23% on an annual basis in January 2021 to reach SAR 362.95 billion, whereas rose by 1.18% or SAR 4.26 billion MoM.

Furthermore, the government’s current account dropped by 2.15% on a monthly basis last January.

Source: Mubasher

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