Saudi Arabia’s Central bank governor said that the Kingdom’s monetary policy is to ‘preserve the stability’ of the riyal's exchange rate, reported Reuters.
Ahmed al-Kholifey, Chairman of SAMA, said that an increase in US interest rates usually requires an increase in local interest rates or else the exchange rate becomes unstable.
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"The monetary policy of the Kingdom is to preserve the stability of the exchange rate in order to stabilise prices, “added al-Kholifey.
