By Elias Al Helou

Saudi Arabia’s foreign assets rise 5.5 percent to $467.5 billion in June 2024

Data showed that the bank's net foreign assets in June were around SAR1.670 trillion

The Saudi Central Bank's monthly report showed that reserve assets rose by 0.06 percent on a monthly basis in June, up from SAR1.753 trillion in May.

Published: Wed 31 Jul 2024, 3:51 PM

Last updated: Wed 31 Jul 2024, 3:56 PM

Saudi Arabia’s foreign reserve assets increased by 5.5 percent in June 2024, reaching SAR1.754 trillion ($467.5 billion). This compares to SAR1.662 trillion ($442.98 billion) in the same month of 2023, according to official data. This represents the highest level since November 2022.

The Saudi Central Bank’s monthly report showed that reserve assets rose by 0.06 percent on a monthly basis in June, up from SAR1.753 trillion in May.

The report further stated that the bank’s net foreign assets in June were around SAR1.670 trillion.

Additionally, the central bank indicated that Saudi Arabia’s private sector lending grew by 11.32 percent year-on-year in June.

The money supply (M3) in Saudi Arabia also registered an 8.95 percent year-on-year growth in June.

In January 2024, the central bank’s net foreign assets increased by $2.07 billion. Data showed that net external assets rose to SAR1.572 trillion ($419.17 billion) in January, up from SAR1.564 trillion. However, when compared to January 2023, the central bank’s net foreign assets experienced a decline of 4.26 percent, amounting to SAR1.57 trillion.

In May 2024, a report revealed that Saudi Arabia is taking steps to enhance its appeal to foreign investors in its stock exchange.

The country aims to achieve 17 percent ownership of free float shares by 2024.

The Saudi Capital Market Authority (CMA), as outlined in the 2023 Financial Sector Development Program document, has set a target of increasing assets under management to 29.4 percent of the gross domestic product by 2024. This will be accomplished by improving the investment environment and attracting more investors.

The annual report highlights the Kingdom’s progress in the financial sector, particularly in competitiveness indicators related to the capital market. Mohammed Al-Jadaan, Saudi minister of Finance and chairman of the Financial Sector Development Program, emphasized these achievements.

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