(MENAFN) Reports show that Saudi Arabia has withdrawn over USD70 billion from global asset managers in the last year, as it looks to cut the growing deficit caused by falling oil prices.
The foreign reserves of the kingdom's central bank, Saudi Arabian Monetary Agency's (Sama), have fallen by USD71 billion, which amounts to almost all of the USD72.8 billion decline in the country's overseas assets.
The price of oil has roughly halved to close to USD50 a barrel in the last year and the kingdom's revenues from its crude sales make up 90 percent of its budget, The Financial Times reported
The speed in the decline of foreign reserves slowed in July after the government began issuing domestic debt to cover part of its budget deficit, but September saw global asset managers hit by a series of redemptions.
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