Saudi Arabia withdraws SAR50bn from general reserve

July 14, 2015 10:54 AM

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Saudi Arabia withdraws SAR50bn from general reserve

Saudi Arabia has withdrawn – for the first time since September 2009 - SAR 50 billion ($13.3 billion) from its reserve at the Saudi Arabian Monetary Agency (SAMA) in September 2014, according to Ahram Gate.

The Kingdom’s general reserve totaled nearly SAR 801.83 billion at the end of September, with a decline of 6% compared with August, according to SAMA data.

The general reserve, which declined for the first time in nearly five years, reached its highest in August at SAR 851.8 billion.

Foreign remittances in Saudi Arabia increased by 4% (SAR 4.1 billion) year-on-year to reach SAR 115.7 billion in the first nine months of 2014.

Source: english.mubasher.info

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