|31 July, 2016

SAMA's net foreign assets reach $562 billion in June

Net foreign assets at Saudi Arabian Monetary Agency fell by $11 billion from the previous month to $562 billion in June

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer
31 July 2016
JEDDAH: Net foreign assets at Saudi Arabian Monetary Agency (SAMA) fell by $11 billion from the previous month to $562 billion in June as the government drew down its reserves to cover a budget deficit caused by low oil prices, official data showed on Thursday.

Assets shrank 15.9 percent from a year earlier to their lowest level since early 2012. They reached a record high of $737 billion in August 2014 before starting to drop.

© Arab News 2016

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