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Saudi Gold Reserves Increased Due to Accounting Not Acquisition

Middle East : 02 October 2010

Saudi Arabian gold reserves rose due to a “difference in accounting,” according to Muhammad al Jasser, governor of the central bank.  It was not because the nation with the largest economy in the Arab world acquired more gold.

In a statement to reporters Jasser stated that Saudi Arabia has always been in possession of the gold counted.  It was strictly a correction in accounting where gold was pooled in from other accounts.

Figures on the World Gold Council’s website stated the Saudi’s gold reserve estimate grew over 100% in June.

The WGC tracks the gold bullion held around the globe and reported that the amount held by the Saudi Arabian Monetary Agency swelled from 143 tons in March to 322.9 tons in June.

The WGC puts Saudi Arabia on the list of the 20 most sizeable gold reserves worldwide.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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