Banking & Finance Saudi central bank’s assets hit highest level in five years By Pramod Kumar August 30, 2022, 5:09 AM Saudi Central Bank Saudi central bank made liquidity injections during the pandemic and last year to help avoid a credit crunch, says S&P 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. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
