The Saudi Arabian Monetary Agency (SAMA) began closing its accounts with correspondents in the currencies of those European countries participating in the Euro.
According to the country’s finance and national Economy minister, Dr. Ibrahim Al-Assaf, SAMA would stop using such currencies in favor of the euro.
To aid in the conversion process, SAMA was making available a list of the currencies of various countries taking part in the euro, with their respective rate against the euro.
Assaf has urged various chambers of commerce and industry in the country to inform their members to stop using the former European currencies. – (Albawaba-MEBG)