Arab cash reserves booming

Arab cash reserves booming
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Published December 2nd, 2012 - 08:52 GMT via SyndiGate.info

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Arab cash reserves have grown $115 bilion in 2012
Arab cash reserves have grown $115 bilion in 2012
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Investment & Export Credit Guarantee Corp
,
Arab League

International cash reserves in Arab nations are forecast to record a massive $115 billion growth in 2012, mainly due to higher oil prices, the Arab Investment & Export Credit Guarantee Corp (IAIGC) said.

In 2011, foreign assets rose by about $20 billion. The 21-state Arab League controlled almost $1,018 billion in cash reserves by the end of last year, up from $998 billion at the close of 2010 and more than twice the amount reported in 2006, the IAIGC said.

Most of the surge occurred in Saudi Arabia. 

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