Saudi central bank’s foreign assets drop

Net

foreign assets at Saudi Arabia’s central bank fell by $11 billion (Dh40.45 billion) from the previous month to $562 billion in June as the government drew down its reserves to cover a budget deficit caused by low oil prices, official data showed yesterday.

Assets shrank 15.9 per cent from a year earlier to their lowest level since early 2012. They reached a record high of $737 billion in August 2014 before starting to drop. (Reuters)