Saudi Arabia's net foreign assets rose by 2 percent at the end of June, rebounding slightly from their lowest level in more than a decade, supported by higher oil prices.
According to the monthly report issued by the Central Bank, total reserve assets increased by 34 billion riyals last month, while the net of foreign assets had declined significantly in 2020, as the decline in oil income led to the transfer of 150 billion riyals (equivalent to $40 billion) of reserves to the Kingdom's sovereign fund to meet the investment plan announced by the Saudi Crown Prince, Prince Mohammed bin Salman.
The net foreign assets amounted to a little more than 515 billion Saudi riyals until the end of June, compared to 488.1 billion riyals last May, representing an increase of 27 billion riyals. While the total reserve assets of the Central Bank rose to 1.672 trillion riyals at the end of June, compared to 1.639 trillion riyals in the previous month.
"Bloomberg" expects that the rise in oil prices will increase the wealth of the largest exporter of crude oil in the world in the coming months.
Source (Al-Arabiya.net Website, Edited)
