The Saudi Central Bank (SAMA) saw a significant boost in its reserve assets during the first half of 2024. By the end of June, the total reserve assets reached SAR1.754 trillion ($467.4 billion), marking an annual growth of 5.5 percent or approximately SAR92.049 billion compared to the same period in 2023. This represents the highest level of reserve assets for the year.
The second quarter of 2024 saw a 2.7 percent quarterly increase, adding around SAR46.724 billion to the reserves, which stood at SAR1.707 trillion at the end of the first quarter. On a monthly basis, the reserve assets grew by 0.1 percent, adding approximately SAR1.146 billion, SPA reported.
Since the start of 2024, the reserve assets have grown by 6.6 percent, adding around SAR107.986 billion. At the end of January, the reserve assets stood at SAR1.646 trillion.
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The reserve assets are comprised of five main components: Investments in Foreign Securities, which reached approximately SAR1.015 trillion by the end of the second quarter, representing about 58 percent of the total reserve assets. Foreign Currency and Deposits Abroad amounted to approximately SAR646.285 billion, representing about 37 percent of the total. Special Drawing Rights (SDRs) amounted to SAR 77.238 billion, representing about 4 percent of the total. The Reserve Position in the International Monetary Fund (IMF) amounted to SAR13.331 billion. Monetary Gold amounted to SAR1.624 billion.
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