Saudi foreign reserves resume falling in July

Saudi foreign reserves resume falling in July:

"Saudi Arabia's foreign reserves resumed falling in July, central bank data showed on Thursday, suggesting the government may remain under pressure to draw them down to cover a budget deficit caused by low oil prices.

Riyadh began liquidating the reserves in late 2014 and they dropped sharply from a record $737 billion in August that year. In June 2017, they rose month-on-month for the first time in over a year, prompting speculation that Riyadh might have cut its deficit enough to no longer need cash from the reserves.

But Thursday's data showed the central bank's net foreign assets fell by $6.3 billion from June to $487 billion in July, their lowest level since early 2011. The reserves shrank 12.8 percent from a year earlier."



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