Currency reserves are rapidly falling In Saudi Arabia

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Reducing of the currency reserves in Saudi Arabia continues for about thirteen months in a row, as a consequence of lower oil prices, that putting pressure on the financial condition of the country. The volume of currency reserves of the country has become equal to 593 billion dollars last month, losing 9.4 billion dollars, compared to the previous month. The amount of the outflow of foreign currency reserves of the Central Bank of the country is from the middle of 2014 — $ 150 billion. In addition, the currency reserves in Saudi Arabia are as low as possible, since the summer of 2012. The reduction of foreign deposits of the Central Bank of Saudi Arabia reached 4.6 billion dollars in investment securities declined by $ 2.8 billion, while reserves with the IMF declined by $ 2 billion. And, although the Central Bank continued to pursue an expansionary monetary policy, returning to the banking system liquidity — totaling 8.4 billion dollars, an offer of cash in the economy shrinking for the third month. Reducing the reserve currency, among other things, the most minor problem that faced the country in consequence of the fact that oil prices fall below $ 50 a barrel. So, when Saudi Arabia, at the end of 2015, introduced its much anticipated budget for 2016, the authorities forecast the deficit — 367 billion Saudi riyals (of 2015), revenues — 608 billion Saudi riyals and expenditures — 975 billion Saudi riyals. The government forecasts a deficit of — 326.2 billion Saudi riyals for 2016, budget revenues — 513.8 billion Saudi riyals and spending budget — 840 billion Saudi riyals. Deficit 326 200 000 000 would have reached 13.5% of GDP, and this amount is lower than the deficit — 19.5% according to IMF forecasts. In the budget of Saudi Arabia provided an impressive reduction in the cost of public sector services, infrastructure and transport, as well as a reduction of the scope of the costs of education and health, and others. In addition, the reduction of subsidies means that gasoline prices are now back to the level of 2006.

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