By Mohammed Abu Meleeh
Riyadh-Mubasher: Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, has withdrawn SAR 540.9 billion ($144.2 billion) from its overseas securities investments during the period from 31 January 2015 to 31 January 2016.
Overseas securities investments, which dominate 65.9% of SAMA’s reserve assets, fell 26.7% to SAR 1.48 trillion ($396.75 billion) at the end of January 2016, from SAR 2.03 trillion ($540.9 billion) in the same month of 2015. This figure is the lowest since May 2012, according SAMA’s monthly report.
Reserve assets reached SAR 2.26 trillion ($602 billion) at the end of January 2016, compared with SAR 2.75 trillion ($734.5 billion) in the same month a year ago, a decline of 18%.
The decline in reserve assets was mainly due to overseas securities investments. Foreign cash and overseas deposits, which dominate 32% of total reserves, increased by 6.9% year-on-year to SAR 723.3 billion ($192.89 billion) from SAR 676.85 billion ($180.5 billion).
Reserves at the International Monetary Fund (IMF) fell 21.8%, while special drawing rights rose 1.5%. The two items account for 0.5% and 1.45% of the total assets, respectively.
Translated by Abdul Maguid Aboshahla
