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Saudi Arabia withdraw billions of dollars of assets abroad | Global’s Economic News

Saudi Arabia withdraw billions of dollars of assets abroad

Saudi Arabia withdraw billions of dollars of assets abroad

Saudi Arabia withdraw billions of dollars of assets abroad

Saudi Arabia withdraw billions of dollars of assets abroad

Saudi Arabia withdraw billions of dollars of assets abroad

It withdrew the Saudi Arabian Monetary Agency (SAMA) tens of billions of dollars of its assets in global funds, asset management the past few months, in an effort from Riyadh to reduce the surging budget deficit, and reduce the exposure of the country to the vagaries of the financial markets in light of the continued decline in world oil prices.

Informed sources revealed that many of the asset management funds managers in the world talked about Saudi Arabia to withdraw large sums of money from these funds last week. He described a fund manager that it was a day of “two black” in reference to the magnitude of the draw carried out by the UK size.

The Executive Director of the Foundation “Insight Discovery” Financial Services. The asset management funds, estimates that the Saudi central bank to withdraw between fifty billion dollars and seventy billion dollars in the past six months. It is a major withdrawal of funds received from Saudi Arabia notices there BlackRock and Franklin Tamblton and tie & General.

Saudi and shrinking foreign currency reserves of about $ 73 billion since the beginning of this year, also resorted to Riyadh last month to local banks to finance the issuance of bonds to ease the rapid decline in the cash reserve.

The investment feasibility Foundation Arabia reported that Riyadh withdrew the end of last July 82 billion dollars of cash reserves, which fell to 650 billion, and is expected to continue to decline in the reserve to reach 629 billion by the end of this year.

Since the third quarter of last year, Saudi Arabia’s cash reserve that exists in the form of foreign securities by about $ 71 billion size decreased, accounting for almost the entire amount of the decline the country’s foreign assets, estimated at about 72.8 billion.

While Saudi Arabia has withdrawn when these foreign assets to finance its budget deficit worsening, the funds asset management officials pointed out that Riyadh is seeking to re-investment of these assets to areas involving less risk, and scalable to convert assets into cash faster.