Net foreign assets of SAMA reach $555bn

Net foreign assets at Saudi Arabian Monetary Agency (SAMA) fell to $555 billion in July, down $6 billion from the previous month, official data showed.
Assets shrank by 16 percent from a year earlier to their lowest level since February 2012. 
They reached a record high of $737 billion in August 2014 before starting to fall.
Net foreign assets dropped as the government drew on reserves to cover a budget deficit caused by low oil prices.
In a recent report, Riyad Capital said that Saudi Arabia’s economic prospects are likely to gradually improve into the second half of 2016.
The country’s public debt-to-gross domestic product (GDP) ratio is seen to rise from 5.8 percent in 2015 to 13.6 percent in 2016, the report added.

Source: Arab News