Saudi central bank's foreign assets drop by $6 billion in July
Reuters
Published Aug 28, 2016 09:13AM ET
Saudi central bank's foreign assets drop by $6 billion in July
DUBAI (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.
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Written By: Reuters
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