Saudi c.bank reserves rise sharply on back of high oil prices | Reuters:
"The Saudi Arabian central bank’s foreign reserves rose last month at their fastest rate for four years, official data showed on Monday, revealing the extent to which a rebound in oil prices is strengthening the kingdom’s finances. Net foreign assets climbed by $13.3 billion month-on-month to $498.9 billion in April, their highest level in over a year. The assets peaked at $737 billion in August 2014 before the government began drawing them down to cover a budget deficit caused by a plunge in oil prices, and to build up its main sovereign wealth fund in preparation for overseas investments."
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