Net foreign assets at Saudi Arabia’s central bank fell 1.9 percent in November from the previous month to SR2.356 trillion ($628 billion) as the government liquidated assets to cover a huge budget deficit caused by low oil prices.

Assets dropped 14.2 percent from a year earlier to their lowest level since October 2012, central bank data showed on Monday. They reached a record high of $737 billion in August last year before starting to shrink.

The central bank acts as Saudi Arabia’s sovereign wealth fund and has born the brunt of financing the deficit, which totaled SR367 billion this year, according to a Finance Ministry statement on Monday.

The assets, some of which are managed by global fund firms, are mainly securities such as US Treasury bonds and deposits with banks abroad. Equities are believed to account for only a small fraction of securities holdings, perhaps 20 percent. The bulk of assets are believed to be denominated in US dollars.

The November data showed Saudi Arabia slowing its sales of foreign securities; the central bank’s holdings of these dropped 0.5 percent from the previous month to $425 billion. It drew down its deposits with banks abroad by 5.4 percent to $143 billion.

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