Saudi Reserves Drop for Fifth Straight Month to $664.4 Billion - Bloomberg Business

Saudi Reserves Drop for Fifth Straight Month to $664.4 Billion - Bloomberg Business:



"Saudi Arabia’s net foreign assets fell 1.2 percent in June as the government of the biggest Arab economy continued to spend down reserves for the fifth month in a row.



Net foreign assets fell to $664.4 billion, bringing their decline since an all-time high in August last year to $72.6 billion, the Riyadh-based Saudi Arabian Monetary Agency said in its monthly report.



Saudi Arabia’s reserves have shrunk for nine out of the last 10 months as the oil-price rout, war in Yemen and a boost in domestic spending pressure state finances. The International Monetary Fund forecast that the kingdom will post a budget deficit this year equal to 20 percent of its GDP."



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