SAMA: Saudi Arabia’s foreign exchange reserves rise to $427bln in August

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RIYADH — Saudi Arabia’s foreign exchange reserves increased during the month of August, reaching SR1601.4 billion, compared to the previous month of July 2023 when it stood at SR1600 billion.

The Kingdom’s reserves decreased seven percent by SR114 billion during the last month compared to August 2022, according to the data revealed in the statistical bulletin of the Saudi Central Bank (SAMA).

Saudi Arabia's foreign exchange reserves include five items: investments in securities abroad, foreign currency, deposits abroad, foreign exchange reserves with the International Monetary Fund (IMF), Special Drawing Right (SDR), and monetary gold, the bulletin pointed out.

The value of foreign currency reserves, which represent about 94 percent of total assets, declined by about 7 percent during last month, reaching SR1507.8 billion. SDR increased by three percent and the value of foreign exchange reserves at the IMF rose by one percent.

The SAMA data showed that Saudi Arabia’s foreign exchange reserves amounted to about SR1.6 trillion last July, a decrease of 8 percent, compared to SR1.74 trillion in the same month of 2022. The monthly statistical bulletin noted that Saudi foreign exchange reserves decreased on a monthly basis by 3.7 percent, compared to SR1.662 trillion in June this year.

According to the bulletin, the volume of investments in securities abroad amounted to about SR952.283 billion, a decrease of 14 percent in July 2023, compared to SR1.108 trillion in the same month of 2022, while it increased on a monthly basis by 0.1 percent, compared to SR950.876 billion last June.

According to the SAMA bulletin, the volume of foreign currency reserves and deposits amounted to about SR554.284 billion, an increase of 2.7 percent on an annual basis during last July, compared to SR539.738 billion in the same month of 2022, while it decreased on a monthly basis by 10 percent, compared to SR616.340 billion in June 2023