Saudi Arabia lost one-third of its foreign exchange reserves in two and a half years,
11:22 - 21/11/2017
Information / Baghdad ...
Saudi Arabia has lost one-third of its foreign exchange reserves as its budget deficit continues to rise as a result of lower oil prices and continued aggression on Yemen, the Wall Street Journal reported.
Saudi Arabia is suffering from a continuing budget deficit with rising public debt, while economic reports predict that the sovereign wealth fund of Riyadh will fall by 30 percent, the newspaper said in its report.
"The decline in oil prices has contributed significantly to reducing the income of many of the largest sovereign wealth funds in the world, which depends mostly on oil revenues, indicating that Saudi Arabia lost about a third of the value of foreign exchange reserves during the last two and a half, after oil prices fell to levels Between $ 30 and $ 60 a barrel in recent years for about $ 115 in mid-2014. "
"Although Bin Salman sings with economic visions aimed at attracting investment and enhancing the competitive environment according to stated goals, the Saudi Investment Authority shocked the Shoura Council by spreading the Saudi arrangement in the field of competition for global investment, from 18 in 2013 to 29 Out of 44 countries. "
"Saudi Arabian Monetary Agency (SAMA) has witnessed a decline of 32.5 percent in the last two years and seven months, from 2.75 trillion riyals ($ 33.3 million) at the end of 2014 to 1.85 trillion rials (493.3 million dollars)," Saudi Finance Minister Mohammed al-Jadan said. That the budget deficit for the third quarter of the current fiscal year amounted to 12.98 billion US dollars, and that the public debt reached 10.002 billion dollars. Ending / 25 z