Home Industry Economy Saudi Arabia’s net reserves fall to $410bn, lowest since 2010 The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month by Bloomberg May 29, 2023 Image credit: Getty Images Saudi Arabia’s net foreign assets fell to $410bn (SAR1.54tn) in April, the lowest since January 2010, even as the government forecasts a second annual budget surplus this year. Foreign reserves fell from SAR1.57tn the previous month, according to the central bank’s monthly report published on Sunday. It’s the fifth month that reserves have declined, the longest falling streak since early 2019. Saudi Arabia returned to the debt market earlier this month by selling $6bn of Islamic bonds. The kingdom already reported a deficit of SAR2.91bn in the first quarter of the year. Monthly Bulletin Apr 2023.https://t.co/jrltuTSh5K#SAMA — SAMA | البنك المركزي السعودي (@SAMA_GOV) May 28, 2023 The International Monetary Fund forecasts the world’s top crude exporter will run a budget deficit of 1.1 per cent of gross domestic product this year, a view that’s at odds with the government’s expectation for a second straight surplus it last estimated at SAR16bn. The Washington-based lender hiked its estimate of the oil price Saudi Arabia needs to balance its budget this year to over $80 a barrel. The kingdom doesn’t reveal an oil price assumption in its budget. Read: Saudi Arabia’s economy grew 3.9% in Q1 of 2023 Tags Economy foreign reserves SAMA Saudi Arabia 0 Comments You might also like Saudi Arabia’s Mawani signs four contracts worth SAR1bn GCC region M&A blazes trail as global deals decline Top marks for GCC nations in digital connectivity index Key trade deal brings UAE, Mauritius closer together