Saudi Arabia to preserve riyal exchange rate stability

Saudi Arabia's monetary policy is to "preserve the stability" of the riyal's exchange rate, central bank governor Ahmed al-Kholifey told the newspaper Maal.
The riyal is pegged at 3.75 to the dollar but the Saudi currency has come under pressure as a result of the killing of Jamal Khashoggi, a dissident journalist. "An increase in US interest rates usually requires an increases in local interest rates or else the exchange rate becomes unstable," Kholifey said in the interview published on Monday.