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Saudi Arabia's foreign assets continued to decline with the increasing external borrowing
09:56 - 29/05/2017
Saudi central bank data showed that foreign bank assets fell in April with increased government borrowing from abroad suggesting that Riyadh brings money to the Kingdom to re-fill their coffers after hit hard by the decline in oil prices.
The figures showed the central bank's net foreign assets declined $ 8.5 billion from the previous month to 492.9 billion dollars in April, the lowest level since 2011. The assets fell 13.9 percent compared to a year earlier.
The government withdraws from the assets, which hit a record high of $ 737 billion in August 2014, to cover a large budget deficit due to the decline in oil prices. Deficit also handled by borrowing from abroad and collected last month, nine billion dollars by issuing an international Islamic bond.
It said Monica Malik, chief economist at Abu Dhabi Commercial Bank said the government appeared to have deposited a large part of the proceeds of the bond issue in its current account with the central bank in the Saudi commercial banks.
The current account has increased the current $ 1.6 billion from the previous month to $ 11.9 billion in April, while the deposits of government entities in commercial banks grew by about three billion dollars. Said Monica Malik, said it provided several billion bond yields, which was not clear immediately used.
Central Bank data continued to show the weakness of the business climate in the Saudi economy as bank lending to the private sector by 0.3 percent from the previous year fell in April. Finished / 25
http://www.almaalomah.com/2017/05/29/162423/
09:56 - 29/05/2017
Saudi central bank data showed that foreign bank assets fell in April with increased government borrowing from abroad suggesting that Riyadh brings money to the Kingdom to re-fill their coffers after hit hard by the decline in oil prices.
The figures showed the central bank's net foreign assets declined $ 8.5 billion from the previous month to 492.9 billion dollars in April, the lowest level since 2011. The assets fell 13.9 percent compared to a year earlier.
The government withdraws from the assets, which hit a record high of $ 737 billion in August 2014, to cover a large budget deficit due to the decline in oil prices. Deficit also handled by borrowing from abroad and collected last month, nine billion dollars by issuing an international Islamic bond.
It said Monica Malik, chief economist at Abu Dhabi Commercial Bank said the government appeared to have deposited a large part of the proceeds of the bond issue in its current account with the central bank in the Saudi commercial banks.
The current account has increased the current $ 1.6 billion from the previous month to $ 11.9 billion in April, while the deposits of government entities in commercial banks grew by about three billion dollars. Said Monica Malik, said it provided several billion bond yields, which was not clear immediately used.
Central Bank data continued to show the weakness of the business climate in the Saudi economy as bank lending to the private sector by 0.3 percent from the previous year fell in April. Finished / 25
http://www.almaalomah.com/2017/05/29/162423/
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