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Saudi Central Bank chief: No restrictions on prominent family accounts

Published: Updated:

Saudi Arabia’s central bank governor said on Wednesday there will not be any restrictions imposed on prominent family accounts in the kingdom.

Speaking in an interview with Al Arabiya's Nadine Hani, Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey also said the kindom will not penalize foreign banks that boycotted the Future Investment Initiative (FII) in Riyadh.

He reiterated the country’s commitment to defend its currency peg to the dollar and said that institutions that pulled out of the Saudi initiative will still be able to apply for and obtain banking licenses to operate in the kingdom.

He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.