Central bank chief: Status of Saudi riyal ‘very assuring’

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Ahmed al-Kholifey, the governor of the Saudi Arabian Monetary Authority (SAMA), said on Wednesday that the Saudi riyal’s status is “very assuring.”

Kholifey added: “When we say that the riyal is a red line, we mean that we will not allow any currency speculation.”

He explained that there is no intention to affect the exchange rate of the riyal now nor in the future, adding that Saudi Arabia fixes the exchange rate at 3.75 against the dollar.

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Kholifey highlighted that the volume of loans increased by 1.7 percent during 2018.

He added that the lending rate for medium and small enterprises out of the total bank lending portfolio is almost close to the target at five percent.

The governor also asserted that there were no restrictions imposed on transfers and withdrawals.

He also confirmed that the monetary base increased to 70 percent of the GDP due to loans and deposits.

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