(Bloomberg) — Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil.The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday.The move comes as the world’s largest crude exporter faces exceptional fiscal pressure from a crash in global oil markets. …read more
Source:: Yahoo Finance
