(MENAFN) Saudi Arabian Monetary Agency (SAMA) saw its net overseas assets drop 3.1 percent to USD609 billion in Dec from the prior month, based on recent reports.
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 due to a slump in oil prices.
The bulk of foreign assets are mainly securities such as US Treasury bonds and deposits with banks abroad; equities are believed to account for only a small portion.
Meanwhile, foreign bank deposits increased 2.8 percent to USD147 billion, suggesting the kingdom was setting aside more cash for future use in paying its bills.
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