Saudi forex reserves rise

RIYADH: Foreign reserves at Saudi Arabia’s central bank have been increasing this year and a large proportion of recent capital outflows has been due to foreign investment by other Saudi institutions, a senior central bank official said on Sunday.

Data for August has not yet been published, but Ayman bin Mohammed Al Sayari, deputy governor for investment, said the foreign reserves increased last month. Using a slightly different definition which includes gold and special drawing rights, he said the reserves rose to $509-510 billion at the end of August from $502 billion in July.