Riyadh – Mubasher: Saudi Arabia's net foreign assets fell 1.2% to $555.4 billion in July, compared to $561.8 billion in June.
Foreign assets continued to decline on a monthly basis for the second consecutive month after a short pause in May 2016, according to MubasherTrade.
"Drawdown from deposits with banks abroad weighed heavily on the monthly decline (-1.47%), offsetting a slight increase in foreign securities investment (+0.41%)," the report said.
On an annual basis, Saudi reserves decline pace accelerated to -16% year-on-year in July from -15.5% year-on-year in June
Investments in foreign securities contributed by -14.4% of the annual decline, the report stated.
MubasherTrade expected that foreign reserves decline rate would ease gradually over the coming months, backed by a $10 billion international bond issuance by September/October, adding to the implemented fiscal reforms.
