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FINANCIAL NEWS
Saudi’s foreign reserves shrink down 0.5 percent in July
28 Aug 2015
(MENAFN) The world’s largest oil exporter has begun issuing domestic debt aiming at covering part of a budget deficit cause by low oil prices, and the result was that the speed of deterioration in kingdom’s foreign assets has braked down.
KSA has been shrinking its reserves to cover the deficit, but the assets have only been drawn down 0.5 percent from July to USD639 billion, which reflects their lowest level since 2013, according to recent released date.
The domestic debt sales appear to have reduced the need for the government to cover its deficit by drawing down foreign assets, and to mention some, back in July it has placed USD4 billion of debt with quasi-sovereign funds.
The foreign reserves are held mainly in the form of foreign securities like US treasury bonds and deposits with international banks, which came to an overall USD465.8 billion and USD131.2 billion respectively.
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