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Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports

rocky
rocky
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Saudi - Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports Empty Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports

Post by rocky on Fri 09 Aug 2019, 6:34 am

Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports
Saudi - Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports 640
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 06 August 2019 06:51 PM
RIYADH - The Saudi Arabian Monetary Agency (SAMA) said its total foreign reserve assets rose slightly in 2018, the first rise since 2014.
SAMA's foreign reserves stood at SAR 1.862 trillion at the end of 2018, compared to SAR 1.861 trillion at the end of 2017.
Current reserves are enough to cover about 40 months of imports, the IFC said in its Financial Stability Report released on Tuesday.
"It can therefore be concluded that foreign reserves held by the institution are able to mitigate the impact of any external shocks."
Saudi - Saudi Arabian Monetary Agency: Foreign reserves are enough for 40 months of imports 21015098_AR_1565107366_a
Saudi Arabia's offshore reserves rose about 23.44 billion riyals, or 1.23 percent, in June, year on year .
According to SAMA data, Saudi Arabia's foreign reserves amounted to 1.923 trillion riyals in June, compared with 1.899 trillion riyals in the corresponding month of 2018.
The Kingdom's foreign reserves rose last month, supported by a 6.25 percent rise in foreign exchange and deposits to SAR 701.2 billion in June 2019, compared with SAR 659.9 billion in June 2018 .
The rise in foreign reserves came despite the decline in investments in securities abroad, the largest item of reserves, to 1.18 trillion riyals, compared with 1.2 trillion riyals in June 2018. 
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