Gulf foreign reserves fell 5.8% to $667bn last year

RIYADH: Foreign reserve assets of GCC states fell 5.8 percent to $667 billion by the end of 2020, compared to a year earlier.
Saudi reserves stood at $453.6 billion by the end of 2020, representing 68 percent of the reserve assets of GCC countries, according to Saudi Central Bank (SAMA) data.
The GCC ranked fifth in the world in terms of the volume of foreign reserves, after China, Japan, Switzerland and the European Union in 2020, according to the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC Stat), Al Arabiya reported.
The Gulf Cooperation Council (GCC) comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
China’s foreign reserve assets amounted to $3.357 trillion at the end of 2020, followed by Japan with $1.391 trillion, then Switzerland with $1.083 trillion, followed by the European Union at $1.078 trillion.