Saudi Arabia has a "very comfortable" level of foreign reserves, the central bank chairman said Monday (November 14th), despite a drawdown in assets to help cover a fall in oil revenues, AFP reported.
Official figures show the kingdom's reserves declined to $562 billion in August from $732 billion at the end of 2014.
"I think we are very comfortable. We have no issue with that," Saudi Arabian Monetary Agency governor Ahmed Alkholifey said.
Since 2014, global oil prices have collapsed by more than half, accelerating Saudi efforts to move away from petroleum, which still accounts for the bulk of government income.
The world's biggest oil exporter is projecting a budget deficit of $87 billion this year .
It has taken a series of austerity measures, including subsidy cuts, reductions in cabinet ministers' salaries and delays in major projects.
