Saudi December Net Foreign Assets Drop More Than $19 Billion - Bloomberg Business

Saudi December Net Foreign Assets Drop More Than $19 Billion - Bloomberg Business:

"The Saudi central bank’s net foreign assets tumbled more than $19 billion in December as the kingdom draws on reserves amid the plunge in oil prices.
Reserves declined about 3 percent to more than $608 billion, bringing the drop in 2015 to $115 billion, according to central bank data released on Thursday.
While Saudi Arabia’s reserves remain among the highest in the world, the drop
underscores the kingdom’s struggle to cope with falling oil prices. Authorities are racing to find alternatives to revenue from crude exports to finance a budget deficit that stood at about 15 percent of economic output last year."



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