Saudi central official: Foreign reserves increase

Saudi central official: Foreign reserves increase

Saudi central official: Foreign reserves increase

Reserves recorded a moderate increase in August compared to the previous month. Official figures for the last month have yet to be published.

"The foreign reserves of the bank are increasing this year," said Ayman bin Mohammed al-Sayyari, deputy governor of the Saudi Central Bank for Investment.

"Reserves recorded a moderate increase in August compared to the previous month," he told a news conference. Official figures for the last month have yet to be published.

The Saudi official revealed that "a large part of the recent influx of capital, resulted from transfers from the Central Bank to other Saudi institutions investing abroad."

"The Kingdom's economy could achieve the growth rate expected by the IMF at 1.9 percent this year, if all indicators remain unchanged," Saudi central bank governor Ahmad al-Khulaifi said earlier in the day.

After annual consultations with the Saudi government last month, the IMF expected GDP to grow 1.9 percent in 2018, partly because of higher oil production, following a 0.9 percent contraction last year.

Reuters

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