Saudi General Reserve Rises to SR358.4bln

The Saudi government’s general reserve rose during December to SR358.397 billion ($95.572bln) an increase of SR3.7 billion, or 1.1%, compared to its level last November, at SR354.679 billion, while it decreased by SR295 billion, or 0.8%, compared to it level in December 2020, at SR358.692 billion, to record the highest level in 9 months, specifically since March 2020, statistical data of the Saudi Central Bank (SAMA) revealed.

According to SAMA’s bulletin for December 2021, the government’s current account decreased to SR26.9 billion at the end of December 2021, a decrease of SR90.3 billion, by 77%, compared to its level in November of the same year, at SR117.3 billion, while a decrease of SR51 billion was recorded. And by 65.5%, compared to its level in December 2020, at SR77.9 billion.

It is noteworthy that (SAMA) have merged, since March 2017, the allocations for government projects with the state’s general reserve, under a single item: (The State’s general reserve.)

Henceforth, the state reserve account consists of surplus transferred form the budget revenues, and it is not permissible to drawback from it, except by a royal decree, in cases of extreme necessity, related to the ultimate interests of the state.