Saudi Reserves Dip Below $500 Billion as BofA Sees Headwinds
- First time they’ve dropped below this threshold since 2011
- Reserves dropped even after kingdom raised $9 billion in sukuk
BofAML's Yazhari Sees Difficult Year for Saudi Banks
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Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds.
The Saudi Arabian Monetary Authority, as the central bank is known, said on Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion, the lowest level since 2011. That brings the decline this year to $36 billion.