The reserve assets of the Saudi Central Bank fell by 2 percent on a monthly basis, until last February, recording the lowest level in 10 years.
According to the data issued by the Saudi Central Bank, the value of reserve assets until February reached 1655 billion riyals ($441.3 billion), down by ($8.77 billion) on a monthly basis.
The assets had reached 1688 billion riyals (450.1 billion dollars) until the previous January, while they reached the lowest level in February figures, during November 2010, at 1644 billion riyals (438.4 billion dollars).
Saudi Arabia's revenues, which depend on oil as a main source of income, have been hit by the drop in crude prices and the decline in global demand for the most prominent energy source, by the outbreak of the Corona pandemic. Saudi Arabia lost $50 billion of its foreign reserves during March and April 2020, of which $40 billion was transferred to the state’s sovereign fund to exploit opportunities in global markets. Saudi Arabia recorded a deficit of 79.5 billion dollars in 2020 after achieving revenues of 205.5 billion dollars, compared to spending of 285 billion dollars.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
