RIYADH: According to new data, Saudi Arabia’s official reserve assets climbed to SR1.7 trillion ($452.8 billion) in July, a 6.06 percent annual increase.
According to data from the Saudi Central Bank, or SAMA, international currency holdings, which include foreign currency, deposits abroad, and investments in foreign securities, made up 94.53 percent of the total as of July. This category increased by 6.54 percent over that time.
The International Monetary Fund’s reserve position, foreign reserves, special drawing rights, and monetary gold are additional examples of official reserve assets. According to July data, SDRs, which account for 4.6 percent of the total, SR78.03 billion, saw a 0.44 percent decline.
SDRs, established by the IMF to augment the official reserves of its member nations, are based on a basket of major currencies, including the US dollar, the euro, the Chinese yuan, the Japanese yen, and the British pound sterling. When necessary, they can be traded between governments for freely movable money.
SDRs support global trade, promote financial stability, act as a unit of account, add liquidity, and stabilise exchange rates.
During this time, the IMF’s reserve dropped by 8.44 percent, to SR13.21 billion. This category shows how much a nation can take from the IMF without any restrictions.
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