Saudi central bank net foreign assets drop by about US$20b in April

[DUBAI] Saudi foreign reserves dropped by roughly US$20 billion in April, according to Reuters calculations based on central bank data published late on Sunday.

The net foreign assets of the Saudi Arabian Monetary Authority (SAMA) dropped to US$443.75 billion in April from US$464.64 billion in March.

Total reserves assets, which include foreign currency and deposits abroad as well as investment in foreign securities, dropped by nearly US$25 billion month on month in April, SAMA data showed.

Saudi Arabia transferred a total of US$40 billion from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, Finance Minister Mohammed al-Jadaan said on Friday, adding the transfers were done on an "exceptional basis".

Saudi Arabia, the world's largest oil exporter, is suffering from historic price lows and measures to fight the new coronavirus which have hurt its non-oil economy.

SAMA's net foreign assets had dropped by nearly US$27 billion month on month in March, at their fastest rate in at least 20 years.

REUTERS