Saudi Arabia’s net foreign assets rose slightly in July even as crude prices lingering below $50 a barrel kept the coffers of the world’s largest oil exporter under pressure. The stockpile grew by 1.61 billion riyals ($429 million), a rise of around 0.1%, according to a monthly report from the Saudi Arabian Monetary Authority, the kingdom’s central bank, on Sunday. Reserves in June had fallen to 1.66 trillion riyals, the lowest level since 2010. Officials attributed a record cumulative decline of more than $47 billion in March and April to a $40 billion transfer from the central bank to the sovereign wealth fund, intended to support investments abroad to take advantage of market turmoil during the coronavirus pandemic. Saudi Arabia has suffered from a simultaneous decline in oil and non-oil revenue this year as the global pandemic combined with lower energy prices to jolt the kingdom’s public finances. Officials […]