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Saudi foreign reserves reach USD672.2b in May

01 Jul 2015

(MENAFN) Saudi Arabia’s total foreign reserves reached USD672.2 billion in May, marking a slight decrease by 1.0 percent (or USD6.6 billion) from April, Reuters reported.

The decrease was caused by the Kingdom’s continual drawing from its reserves to patch up for a gap in budget caused by lower oil prices, according to the country’s central bank.

Moreover, assets decreased by USD11.8 billion in April from the previous month, which is attributed to a financial drawdown and to the strong U.S. dollar.

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