SAMA'S for­eign as­sets reach SR2.15 tril­lion

Arab News - - BUSINESS & ECONOMY -

JED­DAH: For­eign as­sets at Saudi Ara­bian Mon­e­tary Agency (SAMA) shrank $6 bil­lion in April as it liq­ui­dated some fi­nan­cial hold­ings to cover a big state budget deficit caused by low oil prices, of­fi­cial data showed on Sun­day.

Net for­eign as­sets dropped 1.1 per­cent from the pre­vi­ous month to SR2.15 tril­lion ($572 bil­lion). As­sets fell 15.7 per­cent from a year ear­lier to their low­est level since April 2012; they reached a record high of $737 bil­lion in Au­gust 2014 before start­ing to shrink.

The for­eign as­sets are mainly de­nom­i­nated in US dol­lars, in the form of se­cu­ri­ties such as US Trea­sury bonds and de­posits with banks abroad, fund in­dus­try sources told Reuters.

Ear­lier this month, the US

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