The net foreign reserves of Saudi Arabia fell to 1636.2 billion riyals ($ 436.30 billion) last April, down 1.9% from SR 1667.4 billion in March.
According to Arab, Saudi Central Bank data indicated that the net foreign reserves are also low at the registered level in April 2020, which amounted to 1665.6 billion riyals. The central bank does not reveal the causes of change in foreign assets.
An economic expert said this could be linked to the Kingdom's support for its investment fund for its sovereign wealth fund, the General Investment Fund.
"This landing is unlikely to be linked to the budgetary needs, and is more likely to support investments as we have seen last year with 40 billion dollars to the Public Investment Fund.
The Gulf country finances its budget through religions and withdrawals of government reserves at the central bank, which also pumped 40 billion dollars from foreign reserves in the General Investment Fund to help finance investments.
Saudi Crown Prince Mohammed bin Salman, said the Caory 2030 conservation program, which aims to reduce the adoption of the economy on oil, said the sovereign wealth fund was planning at least 150 billion riyals (40 billion dollars) in the local economy annually until 2025. p>
