During the month of August, Saudi Arabia witnessed an increase in its foreign exchange reserves, which reached SAR1601.4 billion ($427 billion). This marked a rise compared to the previous month of July 2023 when the reserves stood at SAR1600 billion.
According to data published in the statistical bulletin of the Saudi Central Bank (SAMA), the Kingdom’s reserves experienced a seven percent decline of SAR114 billion in the last month compared to August 2022.
Read more: Foreign reserves in Saudi reach highest level since 2020
According to the latest data from SAMA, the foreign exchange reserves of Saudi Arabia stood at approximately SAR1.6 trillion in July, reflecting an 8 percent decrease compared to SAR1.74 trillion in the same month of 2022. The monthly statistical bulletin issued by SAMA highlighted a 3.7 percent decline in foreign exchange reserves on a monthly basis, as they dropped from SAR1.662 trillion in June of this year.
The bulletin revealed that the investments in foreign securities reached approximately SAR952.283 billion in July 2023, indicating a 14 percent decline compared to SAR1.108 trillion in the same month of 2022. However, there was a marginal increase of 0.1 percent in investments on a monthly basis, rising from SAR950.876 billion in June.
Furthermore, the volume of foreign currency reserves and deposits reached approximately SAR554.284 billion in July, indicating a 2.7 percent increase compared to SAR539.738 billion in the same month of 2022. However, there was a monthly decrease of 10 percent, with the reserves and deposits declining from SAR616.340 billion in June 2023.
Strong financial position
The boost in reserves highlights the strengthening financial position of Saudi Arabia, indicating a positive trend in its economy. The increase in foreign exchange reserves signifies the country’s ability to manage its currency, support its economy, and maintain stability in the face of various global economic factors.
For more news on banking and finance, click here.
