RIYADH: Saudi Arabia’s central bank assets climbed 6.6 percent year on year to SR1.91 trillion ($508.9 billion) in October, driven by higher deposits abroad and stronger foreign currency and gold holdings.
The increase highlights the continued resilience of the Kingdom’s external position, despite a slight drop from SR1.93 trillion in September. Deposits held with banks overseas rose 10.6 percent to SR343.9 billion, while investments in foreign securities edged down 1.8 percent to SR1.01 trillion, according to Saudi Central Bank data cited by Maaal.
Other assets surged 63 percent, and foreign currency and gold holdings rose 3.8 percent.
Remittances also strengthened, with foreign workers sending SR13.67 billion in October, up 1.7 percent from last year, while transfers by Saudi nationals grew 4.3 percent to SR6.60 billion.
Meanwhile, banks’ claims on the public sector hit a record SR895.3 billion, fueled by higher government bond holdings and increased lending to public institutions.
Saudi Arabia’s economy is set to maintain solid growth in the coming years as non-oil activity strengthens and the Kingdom begins to unwind OPEC+ production cuts, Moody’s Investors Service said in a new report.
The credit assessor, which rates Saudi Arabia at “Aa3,” said the grade reflects a large, wealthy economy supported by sizeable hydrocarbon reserves and a strong government balance sheet.
