IMF expects GCC forex reserves to grow by $300-$350 bln in three years on higher oil

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The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.

The GCC -- which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman -- “will benefit from the increase in oil prices,” Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.

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Oil prices have risen about 60 percent from the start of the year as global demand recovers from the coronavirus pandemic.

Read more: Gulf 2021 deficits to fall to $80 bln on higher oil: S&P

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