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Mon 28 Nov 2016 05:03 PM

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Saudi central bank foreign assets slump $10.8bn in October

Assets drop to $535.9bn from a year earlier as Gulf kingdom continues to struggle in era of lower oil prices

Saudi central bank foreign assets slump $10.8bn in October

Net foreign assets at Saudi Arabia's central bank shrank by $10.8 billion from a month earlier to $535.9 billion in October, as the government liquidated reserves to cover a large budget gap caused by low oil prices, official data showed on Monday.

Assets tumbled by 16.3 percent from a year earlier to their lowest level since December 2011. They reached a record high of $737 billion in August 2014 before starting to fall.

The assets are believed to be held mainly in US dollars, in the form of securities such as U.S. Treasury bonds and deposits with banks abroad.

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