RIYADH, 9 February — The final accounts of Saudi Arabian Monetary Agency (SAMA) for 2001 has affirmed the stability of the Kingdom’s financial position despite a global slowdown, with many major economies still showing sluggish signs of recovery, and the Sept. 11 attacks on the United States, which too had a negative impact on the world economy.
The SAMA’s financial report showed a limited increase in foreign currency convertible to gold to SR71.7 billion in 2001 from SR69.8 billion in the previous year. The agency’s assets from precious metals maintained at SR15 million last year.
The agency’s monetary assets rose by SR2.1 billion last year from SR26.6 billion to SR28.7 billion. At the same time deposits at foreign banks declined from SR54.6 billion in 2000 to SR35.8 billion last year, for a staggering difference of SR18.8 billion.
The agency’s investment in foreign bonds and securities estimated at SR73.6 billion in 2001 against SR58.4 billion in the previous year. Total SAMA assets declined to SR224.5 billion from SR233.4 billion in 2000, a difference of SR8.9 billion.
The report said the value of total currencies issued by the agency by the end of 2001 amounted to SR52.5 billion against SR56.8 billion in the previous year while the claims of government institutions and agencies stood at SR49.7 billion.
There was slight increase in the value of deposits in local banks as it touched SR12.7 billion in 2001 for an increase of SR1.5 billion compared to the previous year. Deposits of independent organizations, however, declined by half to SR1.9 billion from SR3.8 billion.
Deposits of local clients at the agency also decreased from SR5.3 billion in 2000 to SR514 million as well as the various claims from the agency to SR87.3 billion against SR93 billion in 2000.
Total claims amounted to SR224.5 billion against SR233.4 billion, a difference of SR8.9 billion.
On the financial position of Saudi commercial banks, the SAMA said the accounts showed an increase in the value of bank reserves. The value of legal deposits rose to SR12.6 billion from SR11.2 billion while deposits in current accounts stood at SR197 million against SR116 million. Other deposits rose from SR1.6 billion to SR2.9 billion. The foreign assets of banks stood at SR99.4 billion.
Bank claims on private sector amounted to SR187 billion against SR172 billion in 2000 and on public sector SR135 billion against SR125 billion. The commercial banks’ monetary assets fell to SR31.9 billion from SR36 billion.
Total assets of Saudi banks amounted to SR472.4 billion against SR453.2 billion in 2000 showing an increase of SR 19.2 billion, the report said.
Total deposits amounted to SR281.1 billion against SR263.6 billion, an increase of SR17.5 billion. Foreign liabilities declined from SR64.4 billion to SR59.6 billion, it added.
