DUBAI: Net foreign assets at Saudi Arabia’s central bank fell 3.1 percent in December from the previous month to 2.283 trillion riyals ($609 billion), the central bank said on Thursday.
Assets dropped 15.9 percent from a year earlier to their lowest level since August 2012. They reached a record high of $737 billion in August 2014 before starting to shrink.
The central bank, which acts as Saudi Arabia’s sovereign wealth fund, has been drawing down its assets to cover a huge state budget deficit caused by low oil prices.
REUTERS
