| Pressure on Saudi Arabia’s state finances is mounting as oil prices fall but the latest official figures suggest the world’s top crude exporter still has at least several years before it faces a budget crunch. A study by a former SAMA official released last week said the world might have entered a sustained period of low oil prices, leaving Riyadh vulnerable down the road.
But data released by Saudi Arabian Monetary Agency (SAMA) last week showed the Kingdom still far from any fiscal crisis. Net foreign assets at the bank — the best indicator of Riyadh’s fiscal strength, since the bank acts as a sovereign wealth fund — fell $59.8 billion from the end of 2014 to $664.5 billion in June...............................................Full Article: Source |