Oct 5 Net foreign assets at Saudi Arabia’s central bank fell 1 percent from the previous month to 2.455 trillion riyals ($655 billion) 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 percent 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 $737 billion in August last year before sliding crude prices prompted the world’s largest oil exporter to begin drawing down its reserves.
