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Saudi foreign reserves hit SAR 1.86tn – Alkholifey

Saudi foreign reserves hit SAR 1.86tn – Alkholifey
Saudi foreign reserves hit SAR 1.86tn – Alkholifey

Riyadh – Mubasher: Saudi foreign reserves have increased to SAR 1.86 billion, the governor of the Saudi Arabian Monetary Authority (SAMA) Ahmed Alkholifey told CNBC Arabia.

The phase in which Saudi reserves were retreating has come to an end, Alkholifey added on sidelines of the World Economic Forum (WEF).

Saudi Arabia will continue to peg the riyal to the US dollar, the top official said, noting that the kingdom had no plans to make any amendments the exchange rate at the moment.

The governor further added that SAMA does not need to pump any liquidity into the market in the current period.

SAMA’s data recently showed that Saudi foreign reserves had declined 8% year-on-year by the end of November 2017.