From about SR1,897 billion at the end of June, total foreign assets controlled by SAMA, increased to a record high of SR1,932.4 billion at the end of July, according to data posted on the Saudi Arabian Monetary Agency’s (SAMA) website.

Saudi Arabia’s foreign assets have steadily grown in most of the past 10 years as a result of higher oil prices.

Crude oil prices have so far averaged about $97 a barrel this year compared with about $80 last year.

A breakdown showed SAMA’s deposits with banks abroad increased from around SR372.5 billion at the end of June to SR375.1 billion at the end of July.

Investment in foreign securities rose to SR1,346 billion from SR1,321.3 billion, data showed.

Foreign currencies and gold gained around SR3 billion to reach SR159.6 billion at the end of July compared with SR156.5 billion at the end of June.

“Miscellaneous assets” grew to SR26.7 billion from SR23.3 billion.

The International Monetary Fund said recently that Saudi Arabia’s short-term economic outlook was favorable but added that the Kingdom should monitor inflationary pressures following a recent increase in social spending and soaring food import prices.