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Saudi gov’t reserve declines 12% in May

Saudi gov’t reserve declines 12% in May
Saudi government current account slid by 62% YoY in May

Riyadh - Mubasher: Saudi Arabia’s government reserve shrank by SAR 57.3 billion ($15.3 billion) or 12% annually in May 2020.

The reserve amounted to SAR 419.6 billion ($111.9 billion) by the end of May, decreasing by SAR 50 billion on a monthly basis, data by the Saudi Arabian Monetary Authority (SAMA) indicated.

The Saudi government current account slumped by 62% year-on-year (YoY) to reach SAR 51.6 billion ($13.7 billion) last May, compared with SAR 134.7 billion ($35.9 billion).

Month-on-month (MoM), the current account advanced by 112%, recording SAR 27.2 billion ($7.25 billion) when compared to SAR 24.4 billion ($6.5 billion) in April 2020.