Prime Highlights:
Saudi Arabia’s reserves at the central bank, SAMA, reached SR1.69 trillion ($450.31 billion) in November 2024, marking a 2.8% year-on-year increase.
Foreign assets, including currency deposits and foreign securities, made up 94.6% of the total reserves, amounting to SR1.6 trillion.
SDRs decreased slightly by 0.8% to SR77.5 billion, representing 4.6% of the total reserves.
Key Background:
Saudi Arabia’s foreign reserves held at the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, rose to SR1.69 trillion ($450.31 billion) in November 2024, marking a 2.8 percent increase year-on-year. This growth reflects the Kingdom’s ongoing efforts to diversify and strengthen its economic and financial foundation.
The reserves consist primarily of foreign assets, including currency deposits, foreign securities, and special drawing rights (SDRs) issued by the International Monetary Fund (IMF). Foreign assets alone accounted for 94.6 percent of the total, amounting to SR1.6 trillion and showing a 3.12 percent increase compared to the previous year. Meanwhile, SDRs, which help stabilize exchange rates and support international trade, declined slightly by 0.8 percent to SR77.5 billion, making up 4.6 percent of total reserves.
Gold reserves remained steady at SR1.62 billion, unchanged since February 2008, while the IMF reserve position dropped by 11.3 percent to SR12.25 billion. This position represents the amount Saudi Arabia can access from the IMF without conditions, further bolstering the country’s economic flexibility.
A significant contributor to the growth in reserves was the $31.1 billion dividend payment made by Saudi Aramco, the state-owned oil giant. As the government holds a substantial majority stake in Aramco, it directly benefits from these dividends, which are funneled into state finances, boosting overall reserves.
SAMA’s investment strategy has evolved over the years to emphasize foreign securities and currency deposits, reducing reliance on traditional reserves. This shift reflects Saudi Arabia’s broader focus on diversifying its assets, optimizing reserve management, and reinforcing monetary stability. In alignment with its Vision 2030 plan, Saudi Arabia is gradually moving away from oil dependency by strengthening sovereign wealth funds like the Public Investment Fund (PIF) and National Development Fund. These funds aim to diversify the Kingdom’s portfolio and reduce exposure to volatile oil revenues, ensuring long-term economic resilience and stability.
