Share

Saudi Central bank net foreign assets rise by $2 billion in January 2024

The net foreign assets increased to 419.17 billion
Saudi Central bank net foreign assets rise by $2 billion in January 2024
Saudi Central Bank (Photo Credit: SPA)

Recent data from the Saudi Central Bank reveals that in January 2024, the bank’s net foreign assets increased by $2.07 billion compared to the previous month. The central bank’s monthly publication states that net external assets rose to SAR1.572 trillion ($419.17 billion) in January, up from SAR1.564 trillion. However, when compared to January 2023, the central bank’s net foreign assets experienced a decline of 4.26 percent, amounting to SAR1.57 trillion.

The bulletin also indicates an annual increase in total assets from SAR4.668 trillion to SAR4.889 trillion, equivalent to $1.3 trillion.

Read more: Saudi Central Bank assets climb to $533bn in July

Regarding investments in overseas securities, the Saudi Central Bank witnessed a year-on-year decrease of nearly 7 percent in January, with investments falling to SAR1 trillion.

The central bank’s report further states that total assets decreased from SAR1.922 trillion ($512.6 billion) in January 2023 to SAR1.817 trillion ($484.48 billion) in January 2024.

In terms of month-on-month changes, the bank’s assets experienced a slight increase of 0.47 percent compared to December 2023, when they amounted to SAR1.808 trillion ($482.2 billion).

Investments in securities abroad, which account for 55.32 percent of total assets, declined by 6.72 percent to SAR1.005 trillion in January 2024, compared to SAR1.077 trillion in the same month of 2023.

Deposits with foreign banks also decreased by 1.66 percent, reaching SAR364.16 billion in January, as opposed to SAR370.32 billion during the same period last year. These deposits represent 20.04 percent of the total assets.

For more news on banking & finance, click here.

Disclaimer: The content of this article is intended for informational purposes only.It does not constitute advice on tax and legal matters; neither are they financial or investment recommendations. Refer to our full disclaimer policy here.