SAMA’s reserve assets grow 5.5% by end of Q2 2024

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RIYADH —The reserve assets of the Saudi Central Bank (SAMA) achieved an annual growth rate of 5.5 percent, with an increase of around SR92,049 billion, bringing the total amount to SR1.754 trillion by the end of the second quarter of 2024, compared to the same period of 2023 when it stood at SR1.662 trillion.

According to SAMA’s monthly statistical bulletin for the month of June, the reserve assets reached their highest levels by the end of June 2024. The reserve assets also recorded a quarterly growth of 2.7 percent, with an increase of approximately SR46,724 billion, compared to the first quarter of the same year, when it stood at SR1.707 trillion. Also, the reserve assets recorded a monthly growth of 0.1 percent, up around SR1.146 billion.

Reserve assets posted an increase of 6.6 percent from the beginning of 2024 until the end of June, with an increase of around SR107,986 billion. They stood at SR1.646 trillion by the end of January.

The reserve assets consist of five main components: Investments in foreign securities, which by the end of the second quarter of 2024 reached around SR1.015 trillion, about 58 percent of the total; foreign currency and deposits abroad with approximately SR646,285 billion, about 37 percent of the total; special drawing rights (SDRs) with SR77,238 billion, about 4 percent of the total; reserve position in the International Monetary Fund (IMF) with SR13,331 billion; and monetary gold with SR1,624 billion, the report pointed out.