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Saudi general reserve slides 15% in September

Saudi general reserve slides 15% in September
The Saudi government’s current account hiked by 1.6% YoY in September.

Riyadh – Mubasher: Saudi Arabia’s general reserve slipped by 14.8% or SAR 73.46 billion yearly in September 2020, whereas rose on a month-on-month (MoM) basis.

The Gulf state’s general reserve stood at SAR 422.586 billion by September-end, compared with SAR 496.043 billion in the corresponding month in 2019, according to data from the Saudi Arabian Monetary Authority (SAMA).

MoM, the reserve grew when compared to its level in August at SAR 422.489 billion.

Year-on-year (YoY), the government’s current account hiked by 1.6% last September to reach SAR 71.83 billion from SAR 70.7 billion in the prior-year month.  

On a monthly basis, the current account decreased by 27%.