December 19, 2017 / 4:52 PM / 9 months ago

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

RIYADH (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.

FILE PHOTO - Saudi Arabia's Central bank Ahmed al-Kholifey gestures during a news conference in Riyadh, Saudi Arabia October 4, 2017. REUTERS/Faisal Al Nasser

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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