Saudi Arabia’s Net Foreign Assets Fall in July
(Bloomberg) -- Saudi Arabia’s net foreign assets fell slightly in July, after it reported a sight increase in June as oil prices gave the kingdom a boost.
The stockpile at the central bank fell by about 16.6 billion riyals ($4.4 billion) to 1.641 trillion riyals last month, according to the central bank’s monthly report released on Sunday. Net foreign assets rose by 2% in June to 1.675 trillion riyals.
Net foreign assets declined significantly in 2020 as lower oil income strained finances and officials transferred $40 billion to the kingdom’s sovereign fund to fuel an investment spree.
Most economists say that’s more than enough to defend the riyal’s peg to the dollar, and rising oil prices could further lift the fortunes of the world’s largest crude exporter in the months ahead.
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