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”.