Saudi Arabia’s FX Reserves Drop To Four-Year Low Amid Oil Price Collapse

Saudi Arabia’s FX Reserves Drop To Four-Year Low

Saudi Arabia’s FX reserves dropped for the 13th consecutive month during February as below oil prices continue to weigh on the Kingdom’s finances. That’s according to a flash research note on the Kingdom’s financial position from HSBC.

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The country’s FX reserves stood at $593 billion in February, a month-on-month drop of $9.4 billion. While this decline was modest, it takes the total outflow of central bank foreign assets since oil prices began to decline in late 2014, to $150 billion. Saudi Arabia’s foreign reserves now sit at their lowest level since mid-2012.