Saudi foreign reserves plunge to lowest in 13 years

The drop may be the result of a change in the government’s approach to spending oil revenues Saudi Arabia’s foreign exchange reserves plunged last month to their lowest level in 13 years, a report published by the Saudi Central Bank (SAMA) on Sunday shows. According to the figures, the kingdom’s net foreign assets dropped to 1.538 trillion riyals ($410 billion) in April, down by $8.8 billion from March. This represents the fifth consecutive month of declines and the longest streak of drops since early 2019. Reserves are currently down more than 44% since hitting an all-time high at around $737 billion in August 20

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