Saudi Arabia adjusts investments in assets denominated by Euro, Sterling Pound

The Saudi Arabian Monetary Agency (SAMA) has revised its investment policy in Euro-denominated assets as well as those related to the Sterling Pound, following the UK's decision to leave the EU. The Governor of SAMA, Dr. Ahmed bin Abdul Karim Al-Khulaifi said the agency is following up on developments in international financial markets. According to the Saudi Press Agency (SPA), SAMA has taken precautionary measures in light of the economic and political developments following the announcement. Dr. Ahmed bin Abdul Karim Al-Khulaifi said it’s is too early to judge the lasting impact of Brexit on the British or European economy, or on financial and investment markets. The central banker added the impact on Saudi Arabia’s banking sector “will be limited, because it is less exposed to the two aforementioned currencies”.

More from Business News

  • Ethiopia to open stock exchange in drive for investors

    Ethiopia was set to launch a stock exchange on Friday, the latest step in Prime Minister Abiy Ahmed's attempts to liberalise the struggling economy.

  • Supreme Court to hear fight over looming US ban on TikTok

    Facing a looming ban in the United States, TikTok's fate will be in the hands of the Supreme Court in a case being argued on Friday that pits free speech rights against national security concerns over the widely used short-video app owned by Chinese company ByteDance.

  • Nvidia criticizes reported Biden plan for AI chip export curbs

    Nvidia criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing US leader should not "preempt incoming President Trump" by enacting a last-minute policy.

  • UAE advances tech cooperation with US partners at CES 2025

    During his participation at CES 2025 in Las Vegas, a premier global technology event held in Las Vegas, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has met with senior US officials and business leaders, as the UAE and the US continue to explore ways to strengthen their strategic cooperation in advanced technology and innovation.

On Virgin Radio today

Trending on Virgin Radio