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FINANCIAL NEWS
Saudi foreign assets fall in April due to heavy borrowing
30 May 2017
(MENAFN) The Saudi Arabian central bank’s foreign assets dropped in April as the government borrowed heavily abroad, while Riyadh was bringing money into the nation to refill state coffers.
Additionally, net foreign assets as the bank shrank by USD8.5bn from the last month to USD492.9bn in the cited month, reaching their lowest level since 2011.
Meanwhile, the government has been drawing down the assets, which reached USD737bn in August 2014 in order to cover a huge budget deficit made by cheap oil.
Moreover, the recent account increased by USD1.6bn from the last month to USD11.9bn in April, whereas government entities’ deposits grew by USD3bn in commercial banks.
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MENAFN3005201700450000ID1095522156
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