| Net foreign reserves at Saudi Arabia's central bank fell to 2.492 trillion riyals ($664.5 billion) in June, down 1.2 percent from May to their lowest level since March 2013, latest central bank data has showed. The world's largest oil exporter has been drawing down its reserves to cover a huge state budget deficit caused by low oil prices.
The central bank serves as the kingdom's sovereign wealth fund, storing its accumulated earnings from oil exports. Net foreign assets dropped 9.4 percent from a year earlier in June. They peaked at a record $737 billion last August...............................................Full Article: Source
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