RIYADH: Saudi Arabia’s central bank reserves rose for the first time in over a year, even as low oil prices hinder government efforts to overall an economy dependent on energy exports.

Net foreign assets at the Saudi Arabian Monetary Agency increased to US$493.2 billion in June from $491.7bn in the previous month, according to a monthly report published on its website. It was the first increase since May 2016, according to data compiled by Bloomberg.

The rise is surprising, “especially given that the government’s deposits with the central bank continued to fall in the month,” said Monica Malik, the chief economist at Abu Dhabi Commercial Bank.