Saudi foreign reserve asset values fall

摘要

The value of Saudi Arabia’s foreign reserve assets fell by $11.2bn, or 1.9pc, to $570bn in June compared with May, the fastest monthly rate of decline since January 2015. The government cut bond issuances in June, leaving it more dependent on foreign currency reserves to fnance spending, Riyadh-based bank Jadwa says. The country’s GDP will fall to $632bn this year from $646bn in 2015, while government revenue will drop to $154bn from $164.3bn, Jadwa predicts.