Saudi Arabia's FX reserves up by $13 bln on higher oil prices

The Saudi Arabian Monetary Authority’s (SAMA) foreign exchange reserves rose by $13.3 billion month-on-month to $498.9 billion in April, reaching their highest level in over a year, Reuters reported, citing official data.

The increase in the reserves come after the Brent oil price climbed to about $75 a barrel in April from around $50 in the middle of 2017.

The data showed the central bank boosted its deposits with overseas banks by $8.6 billion and investment in foreign securities by $3.7 billion.

According to the data, Saudi bank lending to the private sector rose from a year earlier in April, by 0.7 percent, after falling for 13 straight months.

In May, an International Monetary Fund official said Riyadh would need oil prices to average $85-$87 a barrel this year to balance its state budget.