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Saudi Monetary confirms continuing to link the riyal exchange rate to the dollar

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  • Saudi Monetary confirms continuing to link the riyal exchange rate to the dollar
 
Publish Date: Tue, 05 May 2020 06:02:21 | Views: 45
 

 

The Saudi Arabian Monetary Agency "SAMA" confirmed on Monday its commitment to the policy of linking the exchange rate of the Saudi riyal to the US dollar, a strategic option, which contributed to the growth of the Kingdom's economy for more than 30 years. "SAMA" confirmed in an official statement on Monday its commitment to maintain the stability of the riyal exchange rate at the official price of 3.75 riyals against the dollar, as it is an important pillar of monetary and financial stability in light of the strong foreign exchange reserves and its ability to meet all external obligations of the Kingdom. The corporation pointed to the durability of foreign exchange reserves, and its ability to meet all the requirements of the national economy in foreign currencies, covering approximately 43 months of imports and 88% of the expanded monetary block "N3", and accordingly the corporation affirms that the current exchange rate policy is a major supporter of stability Monetary, and sustainable economic growth.
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