Saudi Arabias net foreign assets rose 2% in June, rebounding slightly from their lowest level in more than a decade, supported by higher oil prices.
Worship Total reserve assets in the central bank At a value of 34 billion riyals last month, according to the monthly report of the Central Bank issued on Saturday.
Net 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 dollars, of reserves to the Kingdom’s sovereign fund to meet the investment plan announced by the Saudi Crown Prince, Prince Mohammed bin Salman.
Net foreign assets until the end of June amounted to a little more than 515 billion Saudi riyals, compared to 488.1 billion riyals last May, 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.
Most economists expect higher oil prices to increase the fortunes of the world’s largest crude oil exporter in the coming months, according to Bloomberg.
Brent crude averaged more than $73 a barrel in June, compared to $68 in May and $65 in April.