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Saudi exchange rate must be stable until economy diversified - cenbank
October 26, 2017 / 10:32 AM / 2 months ago

Saudi exchange rate must be stable until economy diversified - cenbank

RIYADH, Oct 26 (Reuters) - Saudi Arabia’s central bank governor said on Thursday he would only stimulate exports via a flexible exchange rate after the economy was more diversified but it was not at that stage yet, so exchange rate policy had to remain stable.

The riyal currency is now pegged to the U.S. dollar.

The governor of the Saudi Arabian Monetary Authority (SAMA), Ahmed al-Kholifey, was speaking at a conference in Riyadh to boost investment that will help the kingdom reduce its reliance on oil exports.

Reporting by Andrew Torchia; Editing by Edmund Blair

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