(Bloomberg) -- Saudi Arabia's net foreign assets rose in September to the highest level since late 2020 as oil prices averaged above $80 a barrel, boosting the kingdom's finances.
The stockpile stood at 1.68 trillion riyals ($447.9 billion), a rise of around 2.5% compared to August, according to a monthly central bank report Thursday.
The kingdom's assets suffered a steep decline last year amid the pandemic and a slump in crude prices. Saudi officials also attributed a record cumulative drop of more than $47 billion in March and April 2020 to a $40 billion transfer from the central bank to the sovereign wealth fund. It was meant to support investments abroad, taking advantage of market turmoil during the height of the pandemic.
Read: Saudi Arabia Boosts 2022 Revenue Forecast Amid Rising Oil
The government expects its budget shortfall in 2022 to be around 1.6% of economic output, according to preliminary forecasts. It sees revenue reaching 903 billion riyals, 4.5% higher than a forecast last year, helped by soaring oil prices.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
