Mubasher TV
Contact Us Advertising   العربية

Saudi Arabia withdraws SAR175bn from reserves in Q1

Saudi Arabia withdraws SAR175bn from reserves in Q1
Photo Archive

By Mohamed Abu Meleeh

Riyadh – Mubasher: Saudi Arabia has withdrawn SAR 174.8 billion ($47 billion) from its public reserves during the first quarter of 2015, as reserves fell to SAR 730 billion at the end of March compared with SAR 905 billion at 2014-end.

The country’s public reserves steadied in March at the same levels as in February, which means they declined in January and February after remaining unchanged in the last three months of 2014, showed data issued by Saudi Arabian Monetary Agency (SAMA).

Meanwhile, the government’s current account balance rose by SAR 6 billion to SAR 59 billion ($16 billion) at the end of Q1-15, from SAR 53 billion ($14 billion) at the end of Q4-14. The current account fell in February and March by SAR 30 billion and SAR 27.7 billion in a row.

Most of the country’s expenditures are made on payrolls from the current account, while oil and non-oil revenues are added to it.

The provisions allocated by the government for projects fell to SAR 438 billion ($117 billion), compared with SAR 455 billion ($121 billion).

Translated by Sayed Abdel Rahman