Governor Ayman Al-Sayari of Saudi Arabia’s central bank addressed the evolving global landscape at a high-level meeting in Riyadh, emphasizing the new challenges and opportunities facing central bank reserve managers. Al-Sayari discussed the complexities of the current macro-financial environment during the event, which gathered reserve managers and experts from central banks across the Middle East and North Africa region, as well as representatives from other global financial institutions.
The two-day meeting, which started on April 28, offered participants a platform to exchange insights and expertise on trends in managing foreign exchange reserves. Panel discussions and keynote speeches covered the critical aspects of reserve management. Notably, Saudi Arabia’s commercial banks experienced a 22% surge in foreign assets in February, totaling SR347.63 billion ($92.7 billion), reflecting an expansion in international holdings and investments. Additionally, the central bank’s net foreign assets reached SR1.55 trillion in February, while total reserve holdings amounted to SR1.62 trillion, marking a 5% decline from the same period in 2023.