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Financial reserves of Arab states to hit USD1.13tr in 2012  Join our daily free Newsletter

MENAFN - 13/11/2012

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(MENAFN) The Inter-Arab Investment Guarantee Corporation (IAIGC) announced that Arab financial reserves are expected to grow by around USD115 billion during the current year, reported Emirates 24/7.

IAIGC said that last year, financial reserves in the region soared to USD1.01 trillion, representing a growth of nearly USD20 billion from the USD998 billion posted in 2010.

By the end of the current year, international financial reserves of the 21 Arab countries are forecasted to reach USD1.13 trillion.

The Kuwait-based IAIGC noted that Saudi Arabia had the largest foreign reserves in the region, standing at about USD538 billion at the end of last year, and are expected to grow to USD608 billion in 2012.

At the second place was Algeria, with around USD188.8 billion at the end of 2011, followed by Iraq with USD55.7 billion in foreign reserves.

 






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