Saudi Arabia’s foreign reserves jump by more than 12 billion dollars

Saudi Arabia’s total reserve assets reached 1.648 trillion Saudi riyals in September, an increase of almost 47 billion riyals from the previous month (12.6 billion dollars), according to monthly data released by the Saudi central bank.

“The total increase in September, which is the highest increase in almost two years, is due to the increase in the value of cash and deposits abroad to 573 billion riyals by the end of September, an increase of 36 billion riyals from the previous month,” the report showed.

The value of investments in securities abroad also increased by about 12 billion riyals to 982 billion.

Despite the contraction of the Saudi oil economy in the third quarter of this year as a result of the voluntary reduction of oil production by more than one million barrels per day, the kingdom’s dollar oil revenues may not have been affected much, as oil prices rose by more than 20% during that period.

Saudi Arabia was among the largest investors in US bonds worth up to 112 billion dollars by the end of August, according to the latest data announced by the US Treasury Department.

Saudi Arabia, through the Public Investment Fund, also owns shares in the US stock market worth approximately 40 billion dollars, according to Bloomberg’s monitoring of the ownership structure of companies listed on the US markets by the end of the second quarter of this year.