The US Treasury Department released a breakdown of Saudi Arabia’s holdings of US debt, ending a longstanding policy of keeping the figures secret.
The stockpile of the world’s biggest oil exporter stood at $116.8 billion as of March, up from $82.7 billion two years earlier, according to data disclosed in response to a Freedom-of-Information Act request filed by Bloomberg News.
The US had kept the monarchy’s holdings under wraps since 1974. The sum ranks the kingdom among the top dozen foreign nations in terms of holdings of U.S. debt, and compares with China’s $1.2 trillion trove, and $1.1 trillion for Japan. Together, those countries own about $281 billion in US debt, down from $298.4 billion in January.
The special arrangement was a product of the 1973 oil shock following the Arab embargo. It's among concessions that US administrations made over the years to maintain America's strategic relationship with the Saudi royal family and access to the kingdom's oil reserves.
