Saudi reserves plunge as kingdom struggles with Covid-19 pandemic & oil-market rout

Saudi Arabia’s foreign reserves

Saudi Arabia’s foreign reserves fell sharply in April, after it transferred 150 billion riyals ($40 billion) to the sovereign-wealth fund to provide investment opportunities amid the pandemic-triggered financial fallout.

According to the country’s central bank, known as the Saudi Arabian Monetary Authority, total foreign reserve assets shrank by $24.7 billion in April to about $448.6 billion. The decline followed a $27 billion plunge in March, which has become the largest single-month drop for two decades.

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