Saudi foreign reserves lose more than $ 100 billion during the year

07/29/2016
Saudi Arabia, official data showed on Thursday that foreign SAMA reserve assets (Central Bank) fell by more than $ 100 billion, in the past 12 months.
According to the monthly statistics, published by the "Arabian Monetary Agency" on its website on Thursday that, the Saudi foreign reserves fell last June by 16% on an annual basis, reaching 2.14 trillion riyals (570.1 billion dollars), down from 2.53 trillion riyals (675.5 billion dollars) in June 2015.
On a monthly basis, the Saudi foreign reserves dropped by 1.9% over June last, compared to the previous month; where the reserve stood at this month's 2.18 trillion riyals (581.3 billion dollars).
And suffer Arabia, the largest oil exporter in the world at the moment of the sharp decline in financial revenue; by the loss of oil prices more than 50% of its value compared to the prices in June 2014.
As a result, the Kingdom announced its budget for the current fiscal year a huge deficit of $ 87 billion, after recording a deficit in the budget last year was $ 98 billion.
And earlier this year, the IMF predicted that the resort oil-producing countries to the withdrawal of foreign reserves has, formed during the years of the rise in crude prices; to cover the shortfall in the Moisanadtha.
And it announced that Saudi Arabia, April 25 / April last, for economic vision for 2030, aims to reduce its dependence on oil, which is the main source of income now.
The vision included the establishment of an investment fund worth two billion dollars, and the privatization of some 5% of the assets of the company, "Saudi Aramco" (the state oil company and the largest oil producer in the world), and increasing non-oil revenues to $ 267 billion annually.
It includes the total reserve assets of the Arab Monetary Foundation: gold, special drawing rights, the reserve with the International Monetary Fund, and foreign exchange, deposits abroad, in addition to investments in securities abroad.
In another context, bank deposits fell in Saudi Arabia during June of this year by 3%, to 1.592 trillion riyals (424.5 billion dollars), compared B1.646 trillion riyals ($ 439 billion) in the same period last year.
It showed monthly statistics Foundation Arabian Monetary rising bank loans through June of this year by 9%, to 1.436 trillion riyals (382.9 billion dollars), compared B1.319 trillion riyals (351.7 billion dollars) in the same period last year.
Saudi banking sector comprises 12 banks locally listed on the Saudi bourse, the branches for 12 foreign banks.
It fell foreign remittances during the first half of this year by 2.6%, to 79.5 billion riyals (21.2 billion dollars), compared to B81.6 billion riyals (21.8 billion dollars) in the same period last year.
A survey Anatolia monthly statistics Foundation Arabian Monetary Agency, published today, rising foreign remittances through June last by 20%, to 15.8 billion riyals (4.2 billion dollars), compared to 13.2 billion riyals (3.5 billion dollars) in the same period last year.

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