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Saudi Foreign Assets Approach Four-Year Low After January Drop

  • Net foreign assets held by central bank fell 2.4% in January
  • Decline continues as oil price slump cuts government revenue

Net foreign assets held by Saudi Arabia’s central bank fell below $600 billion in January for the first time since July 2012 as the government of the world’s largest oil exporter grapples with the plunge in crude prices.

Assets slid by the equivalent of $14.3 billion last month to $594 billion, the lowest level in more than 40 months, according to central bank data released on Sunday. It was the third monthly decline in a row of more than $10 billion.