December 19, 2017 / 4:42 PM / in a year

Saudi central bank chief says no plans to change exchange rate policy

RIYADH, Dec 19 (Reuters) - Saudi Arabia’s central bank governor said on Tuesday there is no intention to change the country’s exchange rate policy, which pegs the riyal to the U.S. dollar.

Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey also said Saudi Arabia had plenty of tools to deal with a U.S. interest rate increase.

The tools he mentioned included the central bank’s lending window, its reserves, and its open market operations.

Kholifey was speaking at a press conference in Riyadh following the announcement of Saudi Arabia’s 2018 budget. (Reporting by Rania El Gamal & Katie Paul, writing by Alexander Cornwell; Editing by Saeed Azhar)

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