20218
Saudi Foreign Reserves Drop
World Economy

Saudi Foreign Reserves Drop

Saudi Arabia’s foreign-reserve assets fell for a fourth month to about $672 billion as the country grapples with lower oil prices and the cost of the war in Yemen, though the pace of the drop did slow, Bloomberg reported. Net foreign assets fell about 24.7 billion riyals ($6.58 billion) last month, bringing their decline since January to more than $50b, the Saudi Arabian Monetary Agency said. The reserves had plunged by 180b riyals in the previous three months. King Salman, who came to the throne in January, started a bombing campaign against rebels in Yemen and moved ahead with domestic spending plans at a time when oil prices had fallen by about 60% from their peak in June last year, prompting the IMF to predict a budget deficit this year of 20% of economic output. The government is using its deposits at the central bank to finance the shortfall, though analysts say it may soon turn to bond sales.

 

Short URL : http://goo.gl/53qL1x

You can also read ...

Crisis in Madagascar as Vanilla Price Soars
Vanilla is one of the world’s most popular seasonings and an...
Profits of Thai Banks Fall
Thailand’s top four banks produced aggregate net profit of 37....
Argentina’s Treasury Minister Nicolas Dujovne (L), accompanied by Argentina’s Central Bank Governor Federico Sturzenegger speak at a news conference after the G20 meeting on Friday.
Finance leaders from the Group of 20 major economies agreed...
Vietnam Still Facing Structural Risks
Despite the generally favorable medium-term outlook, there are...
World Debt Load $164 Trillion : Debt, Protectionism Biggest Threats to Global Growth
The biggest threats to global economic growth are government...
In Emerging, Developing Countries : ILO: Over 700 Million Workers Living in Poverty
There were more than 700 million workers living in poverty in...
Euroland Progress Linked to Global Growth, Open Trade
The eurozone’s economy needs strong global growth and open...
AT&T, Verizon Under Federal Investigation
The US has opened a probe into alleged coordination by AT&...

Trending

Googleplus