RIYADH – Saudi Arabia's foreign assets jumped by nearly SR25 billion in July to reach their highest ever level of around SR2.39 trillion despite a fall in deposits with banks for the first time this year, data from Saudi Arabia Monetary Agency (SAMA) indicated. All the increase was in its investment in foreign securities. The July figures sent SAMA's foreign assets by nearly SR230 billion in the first seven months of this year to extend a steady and rapid rise in the assets over the past few years, with the exception of 2009, when they dived by about SR139 billion after the Kingdom suffered from a large fiscal deficit. SAMA's investment in foreign securities grew to around SR1.56 trillion at the end of July from SR1.52 trillion at the end of June and nearly SR1.43 trillion at the end of 2011. Deposits with banks abroad dropped to about SR499 billion from SR522 billion at the end of June. – SG
