RIYADH: Exports of oil and other goods have increased in Saudi Arabia, due to which the current account balance has also increased by billions of riyals.
According to Urdu News, the monthly bulletin of the Saudi Central Bank Sama said that the current account balance of Saudi Arabia has seen an increase of 17.6 percent to 170.1 billion riyals in the second quarter of 2022, which is due to the increase in oil and non-oil exports. .
The kingdom’s merchandise exports rose to 272.2 billion riyals, representing a 23.1 percent increase from 221.1 billion riyals in the same period.
Services such as transport and construction saw a decline in the second quarter of 2022, resulting in a 53.9% decline in the sector.
Saudi Arabia’s foreign assets increased by 2.4 percent in the first quarter of 2022 to reach 4.9 trillion riyals in the second quarter of 2022.
Portfolio investment, which includes equity and investment fund shares and debt securities, fell 1.1 percent for the second straight month to 1.4 trillion at the end of June.
Trade credit, loans, currency and deposits that fall under the category of other investments rose 2.9 percent to 1.1 trillion in the quarter, down from 9.6 percent growth in the previous quarter.
New residential mortgage loans to individuals within the kingdom rose 76.6 percent from 7.2 billion riyals in July to 12.7 billion riyals in August.
Additionally, consumer loans and credit card loans rose 2.1 percent and 4.8 percent, respectively, from last month.
Consumer loans rose to 445.8 billion riyals in August from 436.5 billion riyals in July, while credit card loans rose to 20.5 billion riyals from 19.6 billion riyals in the same period.
As for Saudi Arabia’s overall bank credit, bank credit rose 1.6 percent between July and August to 2.3 trillion riyals.
