The Saudi Central Bank, known as SAMA, has witnessed a robust annual increase in its reserve assets, rising by 5.5% or approximately SAR 92,049 billion. By the conclusion of the second quarter of 2024, these reserves have impressively swollen to a total of SAR 1.754 trillion, up from SAR 1.662 trillion during the same timeframe in the previous year.
Peak Performance in June: SAMA’s statistical bulletin for June highlighted that reserve assets had reached their zenith by June 2024, marking the highest levels attained within the ongoing year.
Compared to the first quarter of 2024, the reserves have also marked a quarterly increase of 2.7%, or about SAR 46,724 billion, securing a strong position at SAR 1.707 trillion. Moreover, a modest monthly growth of 0.1%, translating to a rise of SAR 1.146 billion, was observed.
From the onset of 2024 until the end of June, the reserve assets have expanded by 6.6%, with a substantial boost of around SAR 107,986 billion from a starting point of SAR 1.646 trillion in January.
The reserve assets of the Saudi Central Bank are composed of five principal elements:
- Investments in Foreign Securities: Predominant among the components, these investments, totaling around SAR 1.015 trillion, constitute approximately 58% of the overall reserves.
- Foreign Currency and Deposits Abroad: These make up nearly 37% of the total, with an approximate value of SAR 646,285 billion.
- Special Drawing Rights (SDRs): Holding about 4% of the total, the SDRs have a value of SAR 77,238 billion.
- Reserve Position in the International Monetary Fund (IMF): The reserve position in the IMF is valued at SAR 13,331 billion.
- Monetary Gold: A smaller yet significant component, the monetary gold reserves stand at SAR 1,624 billion.