According to the central bank’s monthly bulletin, there was a 19 percent growth in SAMA’s assets in January this year and an increase of SR 406 billion compared to its financial position in January 2012.
Commenting on the SAMA’s report, Fahad Alturki, senior economist at Jadwa Investment, said: “The accumulation of foreign assets, which is supported by oil production and oil prices, represent an important cushion for the government’s expansionary fiscal policy.”
Alturki added: “This will give the government the ability to smooth spending in the face of volatile oil market.”
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