Saudi central bank’s foreign assets drop by $6bn in July

Net foreign assets at Saudi Arabia’s central bank fell to $555bn in July, down $6bn from the previous month, as the government drew on reserves to cover a budget deficit caused by low oil prices, official data showed on Sunday.

Assets shrank by 16 per cent from a year earlier to their lowest level since February 2012. They reached a record high of $737bn in August 2014 before starting to fall.