Saudi Gazette report
RIYADH — Saudi Arabia has increased its holdings of US Treasury bills and bonds by $2.4 billion (1.7 percent) reaching $142.7 billion during July 2024, and this was in anticipation of a US interest rate cut announced on Wednesday. This is also to benefit from the attractive returns on the safest debt instruments in the world in light of the highest interest rates in more than 20 years, Al-Eqtisadiah newspaper reported.
According to data from the US Treasury Department, Saudi Arabia’s holdings at the end of July were the highest since March 2020, coinciding with the coronavirus pandemic, when they were $159.1 billion, while its ranking had not changed in July, remaining 17th among the largest investors in US debt instruments.
On a year-on-year basis, Saudi Arabia increased its holdings by 31 percent with purchases worth $33.5 billion during the year, up from $109.2 billion in July 2023. The…
