#Saudi foreign reserves fall at fastest in at least two decades - Reuters

Saudi foreign reserves fall at fastest in at least two decades - Reuters:

Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, while the kingdom slipped into a $9 billion budget deficit in the first quarter as oil revenues collapsed.

Saudi Arabia, the world’s largest oil exporter, is facing an unprecedented challenge this year as oil prices have plumbed historic lows.

At the same time, measures to contain the spread of the new coronavirus are likely to curb the pace and the scale of sweeping economic reforms launched by Crown Price Mohammed bin Salman.

The Saudi Arabian Monetary Authority said on Tuesday its net foreign assets, which include securities such as U.S Treasuries and foreign deposits, fell in March to $464 billion, their lowest since 2011.