Saudi Arabia continued to drawdown on reserves in June, but at the lowest rate in 8 months, according to a recently released report by Jadwa Investment.
Foreign reserves continue to slide, but at a slower rate than previous months.
Riyadh-based Jadwa found net withdrawals from Saudi government accounts fell to their lowest point in eight months, with $3 billion of net withdrawals in June while foreign reserves fell by $7.6 billion in June.
Key consumption indicator data recorded a year-on-year slowdown in June, mostly associated with lower activity during the month of Ramadan, but showed signs of recovery in July, Jadwa said.
“Monthly non-oil exports have consistently been lower in 2015 compared to the same period last year, mainly due to subdued global demand. Imports remained negative year-on-year for the second consecutive month, but rose slightly in monthly terms.”
[For the full report from Jadwa Investment, click here.]
