Saudi FX reserves rise slightly in May

Saudi foreign reserves rose slightly in May after record declines in the previous two months when the kingdom had used tens of billions of dollars to back investments of its sovereign wealth fund.

Net foreign assets of the Saudi Arabian Monetary Authority (SAMA) increased to $444.82 billion in May from $444.1 billion in April, data from the central bank showed on Sunday.

Saudi Arabia had transferred $40 billion in reserves to sovereign fund the PIF between March and April to back acquisitions of stakes in overseas companies. ($1 = 3.7508 riyals)