According to latest data, Saudi Arabia’s official reserve assets grew to SR1.7 trillion ($452.8 billion) in July, representing a 6.06 percent year-over-year gain.
International currency assets, which include foreign currency, savings overseas, and investments in foreign securities, made up 94.53 percent of the total as of July, according to data from the Saudi Central Bank, or SAMA. Over that time, there was a rise of 6.54 percent in this category.
The International Monetary Fund’s reserve position, foreign reserves, special drawing rights, and monetary gold are additional examples of official reserve assets.
According to data from July, SDRs, which account for 4.6 percent of the total at SR78.03 billion, saw a 0.44 percent decline.
SDRs, which were established by the IMF to augment the official reserves of its member nations, are based on a basket of major currencies, which includes the US dollar, the euro, the Chinese yuan, the Japanese yen, and the British pound sterling. When necessary, they can be traded between governments for freely movable money.
SDRs support global trade, promote financial stability, operate as a unit of account, add liquidity, and stabilize exchange rates.
During this time, the IMF’s reserve position dropped by 8.44 percent, to SR13.21 billion. This category shows how much a nation can take out of the IMF without any restrictions.
Also Read:
July Saw a 1.5% Increase in Saudi Inflation Due to Rising Housing Expenses
11 Varieties of Locally Produced Fruit Abound in Saudi Markets
