Arab News, Tue, Apr 30, 2024 | Shawwal 21, 1445
Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh
Saudi Arabia:
The evolving global landscape presents new challenges and opportunities for
central bank reserve managers, the governor of Saudi Arabia’s apex financial
institution explained at a high-level meeting.
Speaking at an event in Riyadh which was attended
by the Bank for International Settlements, Ayman Al-Sayari set out his view on
the complexities of the current macro-financial environment.
The two-day gathering, which began on
April 28, brought together reserve managers and experts from central banks in
the Middle East and North Africa region, as well as participants from other apex
financial institutions, to discuss the latest trends in managing foreign
exchange reserves.
The event served as a platform for participants to
exchange insights, perspectives and expertise on the most critical aspects of
reserve management through a series of panel discussions and keynote speeches.
In March, SAMA’s monthly statistics bulletin
revealed that foreign assets of Saudi Arabia’s commercial banks surged by 22
percent in February, reaching a total of SR347.63 billion ($92.7 billion)
compared to the same month of the previous year.
This rise reflects a significant expansion in the
commercial institutions’ international holdings and investments.
The central bank added that its net foreign assets
reached SR1.55 trillion in February.
Central banks’ foreign holdings are primarily for
reserve management and monetary policy purposes, while commercial banks’ foreign
assets are for business operations, customer services, and investment
activities.
The report added that Saudi Arabia’s total reserve
holdings amounted to SR1.62 trillion, representing a five percent decline
compared to the same month of 2023.