The Saudi war on Yemen has reduced the Central Bank’s foreign reserve assets by 1.8% month-on-month as of April, sinking by no less than $8.2 billion to its lowest level in more than 10 years, totalling only around 1,644 billion riyals
The kingdom’s foreign reserve assets amounted to 1,684 billion riyals ($448.95 billion) as of last March.
Saudi Arabia’s oil-dependent revenues as a major source of income have been affected by low prices and a low demand for crude oil due to the COVID-19 outbreak and the costs of the war in Yemen.
Saudi Arabia lost at least $50 billion in reserves in March and April 2020 alone, of which $40 billion was transferred to the State Sovereign Fund (Public Investment Fund), in order to take advantage of opportunities in global markets.
Saudi Arabia does not disclose the geographical distribution of its foreign reserve assets or even the nature of the assets to the public.
Saudi Arabia recorded a deficit of $79.5 billion in 2020, after generating $205.5 billion in revenue but spending over $285 billion in expenses.