Saudi to Lock in US-Riyal Exchange Rate

Published October 24th, 2018 - 06:05 GMT
An increase in US interest rates usually requires an increase in local interest rates or else the exchange rate becomes unstable. (Shutterstock)
An increase in US interest rates usually requires an increase in local interest rates or else the exchange rate becomes unstable. (Shutterstock)

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.

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"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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