Saudi Arabia’s foreign assets surged by a whopping SR134 billion ($35.7 billion) in the first five months of 2011 to swell to their highest ever level but growth could slow down in the next months as oil prices are expected to stabilize at lower levels, a key bank in the Gulf Kingdom said on Monday.
The assets controlled by the Saudi Arabian Monetary Agency (WAMA), central bank, peaked at an all time high of SR1,802 billion ($480.5 billion) at the end of May because of strong crude prices and possibly higher return on SAMA’s investments, Banque Saudi Fransi (BSF) said in a study sent to Emirates 24/7.
Oil prices (WTI) averaged around $101.3 a barrel in May compared to $110.3 a barrel in April. SAMA’s deposits with foreign banks grew 23.9 per cent in May YoY, while investments in foreign securities rose 12 per cent and foreign currency assets (excluding gold reserves) soared by 25.5 per cent.
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