May 2015 International Economic Fundamentals

Ally

Research Assistant
Registered
Mar 24, 2009
16,745
70
48
Langley
#2
Saudi Arabia is burning through its foreign reserves at a record pace

Saudi Arabia is burning through foreign reserves at a record pace as the largesse of the new king and regional turmoil ratchet up pressure on public finances already hurt by the oil price slump.

The kingdom spent $36 billion of the central bank’s net foreign assets -- about 5 percent of the total -- in February and March, the biggest two-month drop on record, data released this week show. The fall was in part due to King Salman’s order to give government employees and pensioners a two-month bonus after he ascended to the throne of the world’s biggest oil exporter in January.

Read the full article here.
 
Last edited: