Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

Saudi Arabia will not penalize banks that boycotted conference: Central bank chief
Saudi Arabia's Central bank Ahmed al-Kholifey gestures during a news conference in Riyadh, Saudi Arabia. (Reuters)
Updated 24 October 2018

Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

Saudi Arabia will not penalize banks that boycotted conference: Central bank chief
  • Institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom
  • The current pressure to the peg was much lower than in the past when oil prices crashed

DUBAI: Saudi Arabia’s central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country’s commitment to defend its currency peg to the dollar.
Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey said in an interview with Al Arabiya TV on Wednesday that institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom.
He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.

"We, at the central bank, deal in complete professional manner whether with local or international banks," al-Kholifey said when asked if the banks that decided not to participate in the event will be penalized.