Saudi Arabia’s foreign currency reserves edge down 2% in December

Saudi Arabia’s foreign currency reserves fell by SR33.7 billion ($9 billion), or 1.9 percent month-on-month in December.

Foreign currency reserves declined to SR1.61 trillion ($429.5 billion) from SR1.64 trillion in November, according to preliminary data released by the Saudi Central Bank (SAMA) during the weekend.

The preliminary release does not provide any further breakdown of total foreign currency reserves.

In November Saudi foreign currency reserves grew by SR51.6 billion to SR1.64 as the “foreign currency and deposits abroad” increased by SR52.4 billion ($14 billion) while “investment in foreign securities” decreased by SR852 million ($227 million). As a result Saudi Arabia’s November foreign currency reserves rose 3.2 percent from October.       

In annual terms, foreign currency reserves fell 2.6 percent in December, according to preliminary numbers from SAMA.