Saudi bank assets plummet to lowest level in 5 years

The assets of the Saudi Arabian Monetary Authority (SAMA), considered Saudi Arabia’s central bank, declined in January, reached $541 billion, down nearly $13 billion compared to December.

SAMA’s assets reached their lowest level in over five years, since October 2011, when it was $531.4 billion.

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According to SAMA’s monthly report, issued yesterday, the organisation’s assets for January declined by nearly $77.2 billion compared to the same period last year.

The authority’s investments in foreign currency, which constitute nearly 66 per cent of its total assets, declined and reached $359.5 billion at the end of January, falling 10 per cent.