October 22, 2018 / 5:22 PM / 22 days ago

Saudi to preserve riyal exchange rate stability - central bank chief

DUBAI, Oct 22 (Reuters) - Saudi Arabia’s monetary policy is to “preserve the stability of the exchange rate” of the riyal, central bank governor Ahmed al-Kholifey told the newspaper Maal.

“An increase in U.S. interest rates usually requires an increases in local interest rates or else the exchange rate becomes unstable,” he said in an interview. “The monetary policy of the kingdom is to preserve the stability of the exchange rate in order to stabilise prices.”

Reporting by Maher Chmaytelli; editing by David Stamp

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