RIYADH: Saudi foreign reserve assets fell by 2 per cent in October to reach 2.039 trillion riyals ($543.9 billion), compared with 2.08 trillion riyals ($554.8 billion) in September, the Saudi Arabian Monetary Agency reported. SAMA published its monthly bulletin Monday stating that the country’s reserves fell in October by 16 per cent on an annual basis, down from 2.43 trillion riyals ($648 billion) in the corresponding period of 2015.
Saudi Arabia does not disclose the demographic distribution of its foreign reserve assets or their nature. However, the US Treasury said in September that Saudi Arabia owned investments worth $89.4 billion by the end of September. SAMA Governor, Ahmed Al Khulaifi said earlier this month that his country does not have any concern about its investments in the US after the passing of the JASTA bill or the inauguration of President-elect Donald Trump.
The Saudi reserves fell by the end of 2015 by 15.8 per cent to 2.312 trillion riyals ($616.53 billion), compared 2.746 trillion riyals ($732.22 billion), the end of 2014 which was the first annual decline in seven years. Saudi Arabia, the world’s largest oil exporter suffers from a sharp decline in financial revenues resulting from the fall in crude oil prices to coincide with a budget deficit of $87 billion after recording a deficit of $98 billion last year.
