Monday July 22nd, 2024
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Saudi Arabia's International Reserves Reach USD 467.5 Billion

The reserves include monetary gold and foreign reserves.

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Saudi Arabia's International Reserves Reach USD 467.5 Billion

Saudi Arabia's international reserve assets climbed to SAR 1.75 trillion (USD 467.5 billion) in May 2024, marking an annual increase of 6%, according to data from the Saudi Central Bank (SAMA). The reserves include monetary gold, special drawing rights (SDRs), IMF reserve positions and foreign reserves.

Currency holdings abroad, which constitute 95% of the total, reached SAR 1.66 trillion, showing a 6% rise. SDRs accounted for 4% at SAR 77.68 billion, with a modest 0.3% increase. The IMF reserve position totaled Sar 12.72 billion, declining by 14%.

Fitch Ratings affirmed Saudi Arabia's long-term foreign-currency issuer default rating at "A+" with a stable outlook, citing robust fiscal and external balance sheets supported by substantial fiscal buffers and strong sovereign net foreign assets. The IMF praised Saudi Arabia's economic transformation and projected GDP growth to accelerate to 4.5% by 2025.

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