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Saudi central bank net foreign assets drop 3.1 pct mm in December


1/28/2016 1:23:26 PM

(MENAFN- The Peninsula)



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


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