Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday.
Saudi Arabia’s central bank foreign reserves fell in March by nearly $27 billion month-on-month, their fastest rate in at least 20 years, to around $464.5 billion, according to Reuters calculations based on central bank data. April figures are not yet available.
“While foreign exchange flows since the start of the year are on average within historical levels, this measure resulted in a reduction in net foreign reserves assets to support investment plans,” he said, adding that PIF investments would not be reflected in published central bank data.
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