Tuesday 23, October 2018 by Kudakwashe

SAMA to preserve exchange rate stability

 

The riyal is pegged at 3.75 to the dollar but the Saudi currency has come under pressure following the Jamal Khashoggi case.

Saudi Arabia’s Central bank governor said that the Kingdom’s monetary policy is to ‘preserve the stability’ of the riyal's exchange rate, reported Reuters.

Ahmed al-Kholifey, Chairman of SAMA, said that an increase in US interest rates usually requires an increase in local interest rates or else the exchange rate becomes unstable.

"The monetary policy of the Kingdom is to preserve the stability of the exchange rate in order to stabilise prices, “added al-Kholifey.

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