S Arabia bans products betting against riyal peg: sources
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
Dubai
SAUDI Arabia ordered banks in the kingdom to stop selling some products that allow speculators to bet against its currency peg just days after demanding information from lenders on the offerings, according to people with knowledge of the matter.
The Saudi Arabia Monetary Agency (SAMA) sent a circular to banks this week saying that dollar-riyal forward structured contracts are banned with immediate effect, said the people, asking not to be identified because they are not authorised to comment publicly. Forward foreign-currency transactions backed by actual goods and services will still be allowed, the people added.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Middle East-linked energy supply shocks put Asean Power Grid back in focus
