Saudi foreign reserves rise 1.1% in April

A man counts Saudi riyal banknotes at a market in Riyadh, Saudi Arabia. [Fayez Nurdeline /AFP/Getty Images]

Foreign reserve assets of the Saudi Arabian Monetary Agency (SAMA) rose by 1.1 per cent on a monthly basis by the end of April to 1,894.1 billion riyals ($505.1 billion).

The kingdom’s foreign reserves stood at 1,873.3 billion riyals ($499.5 billion) at the end of March, according to a report issued by SAMA yesterday.

Saudi Arabia does not disclose the distribution of its foreign reserve assets geographically, or even the nature of the assets, however according to the US Treasury Department Saudi Arabia made $167 billion in state investments in America in February.

Saudi Arabia – the world’s largest oil exporter – is currently suffering from a decline in its fiscal revenues, resulting from lower crude oil prices than in 2014.

READ: The US will proudly go to war with Iran for Saudi oil

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