RIYADH: Saudi Arabia’s official reserve assets hit SR1.71 trillion ($456.97 billion) in September, up 4% year on year, according to latest figures. According to figures issued by the Saudi Central Bank (SAMA), these holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign reserves. The latter, which included money and deposits overseas, as well as investments in foreign assets, accounted for 94.5 percent of the total, totaling SR1.62 trillion in September. This category experienced a 4.11 percent increase throughout this time period.
September data showed that special drawing rights increased to SR79.86 billion, a 4.18 percent gain and the highest level in two and a half years. SDRs presently make up 4.66 percent of Saudi Arabia’s total reserves.
The IMF created SDRs to supplement member nations’ official reserves, and their value is derived from a basket of key currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound sterling. They can be swapped between governments for freely useable currencies as needed. SDRs increase liquidity, stabilize exchange rates, serve as a unit of account, and promote international trade and financial stability.
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