Riyadh – Mubasher: Saudi Arabia's foreign reserve assets soared by more than SAR 2 billion on a monthly basis during July 2020 to SAR 1.679 trillion, compared with SAR 1.677 trillion in the previous month.

This hike was backed by a surge in foreign cash and deposits abroad at SAR 633.28 billion in July from SAR 602.56 billion in June, according to the recent monthly bulletin released by the Saudi Arabian Monetary Authority (SAMA).  

In the meantime, the kingdom's foreign reserves in the International Monetary Fund (IMF) hiked to SAR 12.07 billion in July from SAR 11.95 billion in June whereas investments at foreign securities fell to SAR 1.002 trillion, compared to SAR 1.031 trillion.

Gold reserve remained unchanged at SAR 1.624 billion ($433 million) at the end of July 2020.

Year-on-year (YoY), the value of overseas reserve assets dropped by 11%.