The Saudi Central Bank recorded a contraction in the size of cash reserve assets by the end of the first quarter of 2023, the fastest pace of decline since the outbreak of the pandemic in 2020.
Foreign reserve assets fell 3.1 percent month-on-month to 1.6 trillion riyals ($438.7 billion), down by $13.9 billion. Reserves stood at $452.6 billion as of February, but the figures remain reassuring and cover the country's imports for more than twenty months, compared to a global average of four months.
According to a report issued by the Saudi Central Bank, the decline recorded last March is the largest since April 2020.
Source (Al-Arab Newspaper of London, Edited)
