Saudi Arabia’s forex reserves plunge  ...News

Russia Today - Economy
Saudi Arabia’s forex reserves plunge 
source : Russia Today ( News ) () 56
Net foreign assets have fallen to the lowest level since 2009, according to the central bank  Saudi Arabia’s foreign currency reserves plunged by more than $16 billion in July in the biggest slump since the outbreak of the Covid pandemic in 2020, the country’s central bank revealed in its monthly report.    The reserves in net foreign assets dipped to 1.53 trillion riyals ($407 billion), after rising in May and June, to the lowest level since 2009 as Riyadh cut oil production in a bid to balance prices.    Oil production in Saudi Arabia is expected to average 9 million barrels per day (bpd) in July, August, and Se

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