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AFP
The “Bloomberg” agency said Saudi Arabia’s net foreign assets had fallen to their lowest level in the past decade.
According to the agency, monthly foreign stocks fell 13.65 billion riyals (about $ 3.6 billion), or 0.8 percent in May from April, according to a report by the Saudi Central Bank.
The index, which topped $ 700 billion in 2014 after soaring oil prices, stood at 1.62 trillion riyals ($ 432 billion).
However, most economists say this is more than enough to defend the Saudi riyal’s peg to the dollar, and rising oil prices could boost the fortunes of the world’s largest crude oil exporter in the months to come.
Oil prices have seen a significant increase in recent months after the massive drop last year due to the fallout from the Corona virus pandemic.
Brent crude has averaged $ 73 a barrel so far in June, down from $ 68 in May and $ 65 in April.
Source: “Bloomberg”
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