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2017-05-29 13:30:00

SAUDIS ASSETS DOWN

SAUDIS ASSETS DOWN

REUTERS - The Saudi Arabian central bank's foreign assets fell in April as the government borrowed heavily abroad, according to official data that suggested Riyadh was bringing money into the country to refill state coffers depleted by low oil prices.

Net foreign assets at the central bank shrank by $8.5 billion from the previous month to $492.9 billion in April, reaching their lowest level since 2011, central bank figures showed on Sunday. They fell 13.9 percent from a year earlier.

The government has been drawing down the assets, which hit a record high of $737 billion in August 2014, to cover a huge budget deficit caused by cheap oil. It has also coped with the deficit by borrowing abroad; last month it raised $9 billion with an international issue of Islamic bonds.

Monica Malik, chief economist at Abu Dhabi Commercial Bank, said the government appeared to have deposited much of the proceeds of the bond issue in its current account with the central bank and with Saudi commercial banks.

The current account expanded by $1.6 billion from the previous month to $11.9 billion in April, while government entities' deposits in commercial banks grew by about $3 billion. That left several billion dollars of bond proceeds whose use was not immediately clear, Malik said.

"The fact that reserves continued to fall despite the raising of $9 billion continues to imply a lot of government spending, but we aren't seeing meaningful signs of it in the Saudi economy," she said.

Some analysts have speculated that Riyadh may be conducting substantial amounts of off-balance sheet spending, perhaps to settle obligations abroad.

The central bank data continued to show a weak business climate in the Saudi economy, with bank lending to the private sector falling 0.3 percent from a year earlier in April.

It was only the second time in 11 years that bank lending shrank; the first time was in March this year, when it declined 0.1 percent.

-----

Earlier: 

NO ONE ENVIES THE SAUDIS 

SAUDIS & U.S. DEALS: $50 BLN 

SAUDIS FINANCIAL PRESSURE 

IMF WANT SAUDIS 

SAUDI'S OIL POLICY 

SAUDI INVESTMENT DIVERCIFICATION 

SAUDI'S INVESTMENT STRATEGY

 

 

Tags: SAUDI, ARABIA, ASSET

Chronicle:

SAUDIS ASSETS DOWN
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OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

SAUDIS ASSETS DOWN
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

SAUDIS ASSETS DOWN
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

SAUDIS ASSETS DOWN
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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