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Saudi foreign reserves down 13% in June

Saudi foreign reserves down 13% in June
Foreign currency and deposits abroad slid 14% last June

Riyadh – Mubasher: Saudi foreign reserve assets plunged by around 13% during June 2020, registering SAR 1.677 trillion ($447.43 billion), compared with SAR 1.926 trillion ($513.71 billion) in June of last year.

This retreat was due to a 12.8% annual drop in investments in foreign securities during June at SAR 1.031 trillion, according to official data.

On a monthly basis, foreign reserves slipped when compared to the level recorded in May 2020 at SAR 1.684 trillion.

Likewise, foreign currency and deposits abroad slid 14% last month to stand at SAR 602.57 billion, compared to SAR 701.21 billion in June 2019, whereas the Saudi reserve position at the International Monetary Fund (IMF) jumped to SAR 11.95 billion from SAR 8.06 billion a year earlier.

Special Drawing Rights (SDRs) fell to SAR 30.01 billion from SAR 31.98 billion in the same month of the previous year, whereas the monetary gold reserves remained stable at SAR 1.624 billion ($433 million).