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Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)
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Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)

Saudi Central Bank (SAMA) reported that its total reserves increased by 6% year-on-year in July, reaching SAR1.697 trillion ($452 billion), up from SAR1.600 trillion ($426 billion) a year earlier.

However, reserves dropped by 3.2% from June’s SAR1.754 trillion ($467 billion), the highest level since November 2022.

SAMA’s monthly report showed a 7% rise in foreign financial investments, reaching SAR1.021 trillion ($272 billion) compared to SAR952.29 billion($253.7 billion) last year.

Meanwhile, the reserve position with the International Monetary Fund (IMF) fell by 8% from June 2023, totaling SAR13.2 billion ($3.5 billion).

Saudi reserves include foreign securities, foreign currency, foreign deposits, IMF reserve positions, special drawing rights, and cash gold.

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PM: Egypt Eyes Shift from Commodity Subsidies to Cash Payments by July 2025

FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
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PM: Egypt Eyes Shift from Commodity Subsidies to Cash Payments by July 2025

FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt could begin transitioning from subsidizing essential commodities to providing direct cash assistance to its poorest citizens as early as the next fiscal year (July to June), Prime Minister Mostafa Madbouly said on Thursday.
Currently, Egypt subsidizes essential commodities for more than half of its population. Over 60 million people have access to discounted prices on staples like pasta, vegetable oil and sugar through state-run outlets, while at least 10 million more benefit from subsidized bread.
“There is widespread consensus that cash subsidies are the way forward,” Madbouly told a press conference, noting that the Ministry of Supply, which oversees Egypt’s subsidy program, is exploring various scenarios for this significant policy shift.
Madbouly expressed optimism that the initial phase of the transition could start in the upcoming fiscal year, provided that consensus was reached on the matter at a year-old national political dialogue that is discussing a variety of reforms.
However, Reuters said that he emphasized that the transition would unfold gradually, in several stages.
The National Dialogue, initiated by President Abdel Fattah al-Sisi in April 2022 amid one of Egypt’s most severe economic crises, aims to generate political, economic, and social reform recommendations for the President's consideration.
The government also subsidizes fuel but has outlined plans to reduce these subsidies, aiming to restore fuel prices to their full cost by December 2025.