Saudi Reserve Assets Abroad Drop 81.1 Billion Riyals in September

Key Points

1. Saudi reserve assets abroad fell 4.4% in September 2026 to 1746.3 billion riyals.
2. The monthly drop of 81.1 billion riyals came despite a 3% annual rise in net foreign assets.
3. Reserves are the cushion that funds deficits and underpins the riyal's dollar peg.

The latest:

Saudi Arabia’s reserve assets held abroad fell to 1746.3 billion riyals in September 2026, down 81.1 billion riyals or 4.4% from August, according to central bank data reported by Argaam. The decline reverses direction after a marginal dip the previous month, when the figure stood at 1827.4 billion riyals. On an annual basis, the central bank’s net foreign assets were still up 3%.

Details:

• The headline number: Reserve assets abroad closed September 2026 at 1746.3 billion riyals, according to Saudi Central Bank (SAMA) data cited by Argaam. The 81.1 billion riyal decline over a single month represents a 4.4% contraction, measured against the August 2026 level of 1827.4 billion riyals.
• The annual picture: Set against September 2025, the direction reverses: net foreign assets at SAMA rose 3% year over year, equivalent to 56.9 billion riyals. The monthly and annual readings therefore point opposite ways, and both come from the same central bank dataset.
• What counts as reserves: SAMA’s reserve assets comprise four components: foreign currency reserves, which include investments in securities abroad, foreign cash and deposits held overseas; the reserve position at the International Monetary Fund; special drawing rights; and monetary gold.
• The dominant component: Foreign currency reserves account for roughly 95% of total reserve assets and reached 1652.5 billion riyals in September 2026, up about 4% from the same month of 2025. Movements in this single line effectively determine the direction of the overall figure.
• The IMF position: The reserve position held at the International Monetary Fund rose 2% over the same comparison period, reaching 13.3 billion riyals. It remains a small share of the total relative to the foreign currency component.
• Special drawing rights: Holdings of special drawing rights, the IMF’s reserve instrument, declined 3% during the period to 78.9 billion riyals, making it the only component other than the monthly headline figure to register a drop in the central bank’s breakdown.
• Gold untouched: The kingdom’s monetary gold holdings held steady at 1.62 billion riyals, the same level maintained since February 2008. SAMA has made no addition to its gold reserve in more than 18 years, leaving it a negligible fraction of total assets.
• The reporting frame: The figures come from SAMA’s monthly statistical bulletin as reported by Argaam. The published breakdown compares individual components to September 2025 while the headline reserve figure is measured against August 2026, so the two timeframes are not interchangeable.

Background:

Saudi Arabia pegs the riyal to the US dollar, and SAMA’s foreign reserves are the instrument that defends that peg. The same pool also absorbs pressure when oil revenue falls short of budgeted spending, making monthly reserve moves a closely watched fiscal indicator.

Between the lines:

Because foreign currency reserves make up about 95% of the total and were still higher than a year earlier, the 81.1 billion riyal monthly drop points to drawdown within that component rather than a structural shift in reserve composition. Gold has been static since 2008 and the IMF-linked lines are too small to move the aggregate, which leaves currency holdings as the only meaningful swing factor.

What’s next

SAMA’s next monthly statistical bulletin will show whether September’s drawdown was a one-month move or the start of a trend, and whether foreign currency reserves continue to carry the entire adjustment.