Saudi Arabia's foreign assets hit 833b riyals

Riyadh: Total Saudi government foreign assets reached 833 billion riyals at the end of 2006 thanks to the rise in oil prices and state budget surplus of 265 billion riyals.

Foreign currency worth 93 billion riyals, deposits at overseas banks worth more than 120 billion riyals and investments in foreign instruments of more than 620 billion riyals, make up the total figure, the Saudi Arabian Monetary Agency (Sama) said in the report.

It was the highest figure for more than five years.

A recent report released by Samba Financial Group said that foreign assets of Sama have increased by 43 per cent to 66 billion riyals between December 2005 and November 2006.

Assets are sufficient to cover Saudi imports for another 36 months, the report added.

December's state budget allocated 1 billion riyals of the total surplus to increase the central bank's foreign assets.