Saudi net foreign assets increased by 34 billion riyals in June

Saudi Arabia’s net foreign assets rose 2% in June, rebounding slightly from their lowest level in more than a decade, supported by rising oil prices.

The central bank’s total reserve assets increased by 34 billion rials last month, according to the central bank’s monthly report released on Saturday.

Net foreign assets had declined considerably in 2020, with lower oil revenues leading to the transfer of 150 billion riyals, or $ 40 billion, in reserves to the Kingdom’s sovereign wealth fund to meet the investment plan announced by the Crown Prince. Saudi Arabian Prince Mohammed ben Salman.

Net foreign assets up to the end of June stood at just over 515 billion Saudi riyals, up from 488.1 billion riyals last May, an increase of 27 billion riyals.

While the total reserve assets of the Central Bank stood at 1,672 trillion rials at the end of June, against 1,639 trillion rials the previous month.

Most economists expect rising oil prices to increase the fortunes of the world’s largest crude oil exporter in the coming months, according to Bloomberg.

Brent crude cost on average more than $ 73 a barrel in June, compared to $ 68 in May and $ 65 in April.