November 28, 2016 / 1:05 PM / 2 years ago

Saudi central bank net foreign assets shrink by $10.8 billion in October

DUBAI, Nov 28 (Reuters) - Net foreign assets at Saudi Arabia’s central bank shrank by $10.8 billion from a month earlier to $535.9 billion in October, as the government liquidated reserves to cover a large budget gap caused by low oil prices, official data showed on Monday.

Assets tumbled by 16.3 percent from a year earlier to their lowest level since December 2011. They reached a record high of $737 billion in August 2014 before starting to fall.

The assets are believed to be held mainly in U.S. dollars, in the form of securities such as U.S. Treasury bonds and deposits with banks abroad. (Reporting by Andrew Torchia)

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