| Net foreign assets at Saudi Arabian Monetary Agency fell to SR2.521 trillion (672.2 billion) in May down by 6.6 billion or 1.0 percent from the previous month as the kingdom continued to draw down reserves to cover a budget gap caused by cheap oil. Assets dropped by 8.1 percent from a year earlier to their lowest level since April 2013 central bank data showed.
The central bank serves as the country's sovereign wealth fund storing its earnings from oil exports. Assets' year-on-year drop is partly due to the strong US dollar which has cut the value of the portion denominated in non-dollar currencies but a major part is due to a fiscal drawdown analysts say...............................................Full Article: Source
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