Saudi Arabia’s net foreign assets rose 2 per cent in June, recovering slightly from their lowest level in more than a decade as higher oil prices gave the kingdom a boost.

The stockpile at the central bank increased by SAR34bn ($9.1bn) in June, according to the central bank’s monthly report released on Saturday.

Net foreign assets declined significantly in 2020 as lower oil income strained finances and officials transferred $40bn to the kingdom’s sovereign fund to fuel an investment spree. The indicator – which topped $700bn in 2014 after an oil boom pumped up savings – now stands at SAR1.66 trillion.

Most economists say that’s more than enough to defend the riyal’s peg to the dollar, and rising oil prices could further lift the fortunes of the world’s largest crude exporter in the months ahead.

The price of Brent crude averaged over $73 a barrel in June, compared to $68 in May and $65 in April.