The foreign reserve assets of the Saudi Central Bank fell by 3.53 billion dollars in January, to reach 1688 billion riyals (450.1 billion dollars). The Kingdom's foreign reserve assets amounted to 1701.2 billion riyals ($453.7 billion) until the previous December, according to a report issued by the Saudi Central Bank.
The decline comes with the continuing economic challenges facing the Kingdom, which is classified as the world's largest exporter of crude oil with an average of 6.9 million barrels per day, due to falling crude prices and weak demand for crude.
Saudi Arabia recorded a deficit of $79.5 billion in 2020, after achieving revenues of $205.5 billion against spending of $285 billion. The Saudi government announced the 2021 budget by spending $264 billion in return for revenues of $226 billion, expecting a deficit of $38 billion.
According to the Saudi Central Bank report, remittances of foreigners residing in the kingdom increased abroad by 11.7 percent year on year, to 12.06 billion riyals ($3.22 billion) in January. Remittances totaled 10.79 billion riyals ($2.88 billion) in the corresponding period of 2020.
Source (Anadolu Agency, Edited)
