Saudi Arabia Net Foreign Assets Rise for First Time Since January - Bloomberg:
Saudi Arabia’s net foreign assets rose in May, reversing three months of declines.
The stockpile climbed by about 3 billion riyals ($800 million) to reach $445 billion, according to a monthly report from the Saudi Arabian Monetary Authority on Sunday.
Officials have said a cumulative decline of more than $47 billion in March and April was mainly due to a $40 billion transfer from the central bank to the sovereign wealth fund, intended to support investments abroad to take advantage of market turmoil during the coronavirus pandemic.
With reserves at the lowest in almost a decade, the world’s largest oil exporter has tried to rein in spending at home as it faces a double crisis from the outbreak and a major decline in energy revenue. The government, which counted on crude for over 60% of its income this year, is now contending with oil output cuts and prices well below its break-even level.
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