SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far.
The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year.
Fahad Alturki, chief economist and head of research, Jadwa Investment, said June data otherwise showed mixed economic activity in Saudi Arabia.
Jadwa also notes that the combination of renewed trade tensions between the US and China and rising oil output from OPEC/non-OPEC and the US has somewhat dampened the rally in Brent prices recently. According to Bloomberg, the kingdom’s oil production grew by 230,000 barrels a day in July to 10.65 million barrels per day, “just shy of an all-time peak reached in 2016.” Oil prices fell for a third day on Thursday.