The January decline came in as no surprise after the Saudi Central Bank reported nearly a similar drop in the country’s foreign currency reserves earlier this month. Saudi Arabia’s foreign currency reserves comprise “investment in foreign securities” — about two-thirds of the total — and “foreign currency and deposits abroad,” which account for the remaining one-third.

The January drop followed a decline of $9 billion in December 2021, which occurred due to a $13.9 billion increase in net foreign assets in November 2021.

Observers may recall that SAMA’s net foreign assets fell by $45 billion and $11 billion in 2020 and 2021, respectively.

Saudi Arabia’s net foreign assets stood at $429.7 billion at the end of January 2022 compared to $737.1 billion, the highest level on record reached in August 2014.