According to the Central Bank of Saudi Arabia, the country’s foreign exchange reserves reached $ 441.3 billion last February, the lowest level in 10 years.
Anatolia News Agency, reviewing the reports and announcements of the Central Bank of Saudi Arabia, announced this figure and wrote that the country’s foreign exchange reserves decreased by $ 8.77 billion in February and within a month. In January, foreign exchange reserves amounted to 1688 billion Saudi riyals ($ 450.1 billion) and in February reached 1655 billion Saudi riyals (441.3 billion dollars).
The decline in foreign exchange reserves is unprecedented in the last 10 years so that in November 2010 alone, Saudi Arabia’s foreign exchange reserves were lower than the current time of 438.4 billion dollars.
According to Anatoly, the Saudi government’s revenue has fallen sharply during the fall in oil prices, the country’s main source of revenue, and the spread of the Coronavirus and declining sales, losing $ 50 billion in foreign exchange reserves March 2020.
The decline in revenues, along with the increase in expenditures, especially the continuation of the Yemeni war, along with the decline in oil prices, has caused the Saudi government to face a significant budget deficit in recent years. Riyadh has had a total budget deficit of more than $ 400 billion since 2014.
The Riyadh government has also faced a $ 79 billion budget deficit this year. These conditions, of course, have not affected military spending and have shown themselves more than anything else in the economic situation of Saudi people; The Saudi government has tripled its VAT rate to 15 percent since July to cover its spending, reducing public purchasing power and boosting inflation.
