Saudi foreign assets down by USD6.6b in August

06 Oct 2015

(MENAFN) Net foreign assets at Saudi Arabia’s central bank fell by USD6.6 billion in August as the Kingdom liquidated assets to cover a budget gap caused by cheap oil, official data showed.

Foreign assets shrank 1 percent from the previous month to USD655 billion in August this year for an annual decline of 11.2 percent. Assets hit a record high of $737 billion in August 2014.

In June and July of this year, Saudi Arabian Monetary Agency showed (SAMA) sold securities heavily while increasing its deposits at foreign banks, latest data showed.

But in August it reversed that pattern. Its foreign securities holdings rose by USD4.3 billion to USD470 billion, while foreign bank deposits tumbled USD10.3 billion to USD121 billion.

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