Saudi's foreign assets fall for sixth successive month

ASSETS DECLINE: Saudi Arabis' foreign assets declined for the sixth month running in May. (Getty Images)

Saudi Arabia’s foreign assets continued to decline for the sixth straight month in May, but at a slower pace, official data has revealed.

Foreign assets controlled by the Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, declined 1.07 percent to SR1.483 trillion ($395.47 billion) in May, compared to a month earlier.

The kingdom's foreign assets have shed $47.7 billion since November 2008, according to a report posted on SAMA’s website, Saudi Gazette reported on Sunday.

SAMA governor Muhammed Al-Jasser said last month the kingdom was not selling foreign assets. He said Saudi Arabia was using its accumulated foreign assets to stave off an economic decline.

Net foreign assets of commercial banks continued to rise in May to SR93.5 billion, compared with SR83.2 billion in April, as lenders maintained tight controls over credit.

Before the global financial crisis began, the kingdom’s banks had net foreign assets of just SR45 million in September 2008, according to SAMA’s data.

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