Business as usual with foreign banks not attending FII: SAMA governor

24/10/2018 Argaam

 

Business dealings will not be affected with foreign banks that did not attend the Future Investment Initiative (FII) in Riyadh, Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey told Al Arabiya.

 

"The institutions that pulled out of the Saudi initiative will still be able to apply for and obtain banking licenses to operate in the Kingdom," he said, adding no restrictions will be imposed on prominent family accounts as well.

 

Reiterating the Kingdom's commitment to defend its currency peg to the dollar, he stated that the current pressure to the peg was much lower than in the past when oil prices had crashed.

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