Saudi forex reserves reach $17.6 billion in 1Q 2002
Saudi Arabia’s foreign exchange reserves reached $17.6 billion in the first quarter of 2002, a four percent rise compared with last year’s $16.9 billion reserve rate, reported Xinhua. Local economists have stated that the Kingdom’s level of reserves is enough to cover imports for at least four months.
The Saudi Arabian Monetary Agency (SAMA) manages Kingdom’s foreign exchange reserves. It is the central bank of Saudi Arabia. Established in 1952, SAMA issues national currency, acts as a banker to the government, supervises commercial banks, and advises the government on public debt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)