DUBAI, Nov 30 (Reuters) - Saudi Arabia will resume its programme of issuing local currency bonds in 2017, a finance ministry statement carried by the kingdom’s official news agency said on Wednesday.
“The Public Debt Management Office of the Ministry of Finance stressed that the ministry will resume issuing local debt instruments in the coming fiscal year 2017,” the statement said.
The government had been offering about 20 billion riyals ($5.33 billion) of bonds to banks every month since mid-2015, to help cover a budget deficit caused by low oil prices.
But offerings did not go ahead in October or November, according to the Maaal financial news service quoting unnamed official sources, as Saudi’s bumper $17.5 billion debut international bond eased the pressure on state finances. ($1 = 3.7497 riyals) (Reporting by Ali Abdelatti in Cairo and Noah Browning in Dubai; Writing by David French; Editing by Catherine Evans)