SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition

SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition:

Saudi Arabian Monetary Agency’s foreign assets rose by 13.4 percent on a monthly basis in April to reach $506 billion, which is considered the largest monthly increase since 2013. Jadwa Investments in its report on Saudi economy for the month of June attributed the monthly increase to rise in deposits in foreign banks by $9.6 billion. Economists have agreed that the monetary policy adopted by SAMA, the Kingdom’s central bank, supported foreign reserves, adding that it contributed to reducing cash withdrawals from reserves to meet deficit.