Foreign currency reserves of Saudi Arabia dipped nearly two percent in December, according to preliminary data shared by the Saudi Central Bank (SAMA). The dip was around $9 billion or 1.9 percent month-on-month in December.
Foreign currency reserves declined to SR1.61 trillion ($429.5 billion) from SR1.64 trillion in November. The preliminary release does not provide any further breakdown of total foreign currency reserves.
In November Saudi foreign currency reserves grew by SR51.6 billion to SR1.64 as the “foreign currency and deposits abroad” increased by SR52.4 billion ($14 billion) while “investment in foreign securities” decreased by SR852 million ($227 million). As a result Saudi Arabia’s November foreign currency reserves rose 3.2 percent from October.
In annual terms, foreign currency reserves fell 2.6 percent in December, according to preliminary numbers from SAMA.