By Mohamed Abu Meleeh

Riyadh – Mubasher: The total investments owned by Saudi Arabia’s central bank in overseas securities reached SAR 1742.6 billion by the end of July, down 15.5% compared with SAR 2063 billion by the end of July, 2014.

Overseas securities investments represent 69.5% - or more than two thirds – of total reserves assets at Saudi Arabian Monetary Agency (SAMA).

Such a decline preceded the severe slumps seen in most global markets during August due to the fall in oil prices and China’s economic woes.

According to official data, SAMA’s total reserve assets fell in July to SAR 2507.9 billion ($668.8 billion), down 9.8% from SAR 2780.7 billion ($741.5 billion), thus reaching their lowest levels since February 2013.

The central bank’s total reserve assets include gold, special drawing rights, reserves at the IMF, foreign curries, as well as overseas deposits and securities investments.

SAMA’s foreign currency reserves and overseas deposits rose 8.75% to SAR 718.8 billion ($191.7 billion), from SAR 662 billion in July 2014.

Translated by Sayed Abdel Rahman