Saudi central bank foreign assets fall 1% in August

Assets shrank 11.2 per cent from a year earlier to their lowest level since February 2013



Net foreign assets at Saudi Arabia’s central bank fell 1 per cent from the previous month to SAR 2.455 trillion ($655bn) in August as the kingdom continued liquidating assets to cover a budget gap caused by cheap oil, official data showed on Monday.

The assets shrank 11.2 per cent from a year earlier to their lowest level since February 2013.

The central bank serves as Saudi Arabia’s sovereign wealth fund. Foreign assets reached a record high of $737bn in August last year before sliding crude prices prompted the world’s largest oil exporter to begin drawing down its reserves.