May 14, 2020 / 5:59 PM / 22 days ago

Saudi central bank says committed to local currency peg to U.S dollar

CAIRO (Reuters) - Saudi Arabian monetary agency (Sama) said on Thursday in a statement reported by state TV, it is still committed to local currency peg to the U.S. dollar, and that it serves the interest of economic growth and financial stability.

It added that foreign reserves cover 43 months of imports and the total reserves represent 88% of monetary Aggregate.

Reporting by Hesham Abdul Khalek and Marwa Rashad, writing by Marwa Rashad, Editing by Franklin Paul

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