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2015-09-29 — bloomberg.com
Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC's largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery.
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"Foreign-exchange reserve depletion, rather than accumulation, is the new reality for Saudi Arabia," Jason Tuvey, Middle East economist at Capital Economics, said in an e-mailed note Monday. "None of this should come as much surprise," given the current-account deficit and risk of capital flight, he said.
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