Saudi foreign reserves cross $20b

JEDDAH, 28 December 2002 — The Kingdom’s foreign reserves, including special drawing rights, have crossed the $20 billion mark for the first time in 10 years. Figures announced by the International Monetary Fund and Saudi Arabian Monetary Agency showed that on Oct.30 the reserves reached $20.2 billion (SR75.7 billion). This shows that the growth of Saudi economy is very sound. Foreign reserves grew at 13 percent in October to touch $2.4 billion in one month. — Mohammed Samman