Saudi Arabia Moved $40 Billion in Reserves to Sovereign Fund
- Move supported stock buying spree by Public Investment Fund
- Transfer came as kingdom faced fiscal pressure from oil crash
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Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil.
The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday.