RIYADH: Foreign currency reserves dropped by $49 billion in the first four months of 2015 following the dive in world oil prices, Jadwa Investment said in a report Monday.
The reserves, piled up in the past decade due to high crude prices, dropped from $732 billion at the end of 2014 to $683 billion at the end of April, it said.
In March and April alone, the reserves dipped $31 billion, it added.
Jadwa also forecast that the Kingdom would post a budget deficit of $107.7 billion in 2015, compared with government projections of $39 billion.
This is mainly due to a 39-percent decline in oil revenues to $171.8 billion, from $285 billion last year, while spending remains high.
In its regional economic outlook last month, the International Monetary Fund estimated the oil price necessary to balance the Saudi budget at over $100 a barrel.
The report did not take into account the eventual cost of the Saudi-led war against Houthi rebels in Yemen.
Reserves slip $49bn on oil
Reserves slip $49bn on oil
