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Saudi central bank’s assets hit highest level in five years

Saudi Central Bank
Saudi Arabia's foreign reserve assets jumped annually by 5.1 percent at the end of July to SAR 84.49 billion.

Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017.

The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA.

Additionally, foreign reserve assets jumped annually by 5.1 percent at the end of July to SAR 84.49 billion.

According to a flash estimate from Saudi Arabia’s General Authority for Statistics, the gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter.

The annual increase – the most rapid acceleration since the third quarter of 2011 – was driven by a 23 percent rise in oil activity as prices surge.