Saudi central bank’s foreign assets drop by $6b in July

Dubai: Net foreign assets at Saudi Arabia’s central bank fell to $555 billion (Dh2.03 trillion) in July, down $6 billion from the previous month, as the government drew on reserves to cover a budget deficit caused by low oil prices, official data showed on Sunday. Assets shrank by 16 per cent from a year earlier to their lowest level since February 2012. They reached a record high of $737 billion in August 2014 before starting to fall.