Saudi Arabia sold down its holdings of US Treasuries in June to the lowest in more than six years, as the kingdom directs more funds to foreign equity and domestic investments.
The kingdom held $108.1bn of Treasury securities in June, down $3.2bn from May and below the $119.7bn it held at the end of last year, according to data from the US Treasury department.
The reduction, the third consecutive monthly drop, comes as the world’s largest oil exporter faces lower economic growth this year due to a fall in oil prices from last year’s highs and a cut in its production.
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