DUBAI, Aug 28 (Reuters) - Net foreign assets at Saudi Arabia's central bank fell to $555 billion in July, down $6 billion from the previous month, as the government drew on reserves to cover a budget deficit caused by low oil prices, official data showed on Sunday.

Assets shrank by 16 percent from a year earlier to their lowest level since February 2012. They reached a record high of $737 billion in August 2014 before starting to fall.

(Reporting by Andrew Torchia; Editing by David Goodman) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))