عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Reserves Rise 6% to $452 Billion in July

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

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.

Most Viewed

 
 
Business

Inflation Fell to 2.2% in Europe, Clearing Way for Central Bank Rate Cut

FILE - The European Central Bank is pictured next to containers in Frankfurt, Germany, on April 9, 2024. (AP Photo/Michael Probst, File)
FILE - The European Central Bank is pictured next to containers in Frankfurt, Germany, on April 9, 2024. (AP Photo/Michael Probst, File)
TT
TT

Inflation Fell to 2.2% in Europe, Clearing Way for Central Bank Rate Cut

FILE - The European Central Bank is pictured next to containers in Frankfurt, Germany, on April 9, 2024. (AP Photo/Michael Probst, File)
FILE - The European Central Bank is pictured next to containers in Frankfurt, Germany, on April 9, 2024. (AP Photo/Michael Probst, File)

Inflation in the 20 European Union countries that use the euro fell sharply to 2.2% in August, opening the door for the European Central Bank to cut interest rates as the ECB and the US Federal Reserve prepare to lower borrowing costs to support growth and jobs.
The August figure was down from 2.6% in July, according to figures Friday from European Union statistics agency Eurostat. Energy prices fell in August by 3%, helping lower the overall figure, while inflation fell to 2% in Germany, the eurozone’s largest economy.
The monthly figure is now close to the ECB’s target of 2%, the level considered best for the economy, The Associated Press reported. The central bank is charged with maintaining stable prices under the treaty that set up the European Union. Not all of the EU’s 27 countries use the euro.
Economists expect the ECB to cut its key rate by a quarter point from 3.75% at its Sept. 12 meeting, while the Fed is expected to cut rates from a 23-year high of 5.25%-5.5% at its Sept. 17-18 policy meeting.