The Saudi Ministry of Finance said, on Thursday, that the kingdom raised 5.755 billion riyals (1.53 billion dollars) from selling local bonds, while Riyadh confirmed its commitment to the policy of linking the riyal to the US dollar.

The Saudi Ministry of Finance announced that it had finished receiving investor requests for its local issue for the month of May 2020, under the program of the Saudi government’s sukuk in Saudi riyals, where the size of the issue was set at 5,755 billion Saudi riyals.

According to the Saudi Press Agency, “SPA”, the ministry stated that the publications were divided into two tranches, the first of which amounted to 3,805 billion riyals, bringing the final size of the chip to 6,549 billion Saudi riyals for Sukuk due in 2025 AD.

The second tranche reached 1,950 billion riyals, bringing the final size of the chip to 10,296 billion Saudi riyals for Sukuk due in 2030 AD.

Earlier on Thursday, the Saudi Arabian Monetary Agency said in a statement broadcast on state television that it remained committed to the policy of linking the local currency exchange rate with the US dollar.

The foundation said that this policy serves economic growth and financial stability.

It added that foreign exchange reserves cover 43 months of imports and that they constitute 88% of the monetary block in its broad and comprehensive concept.

SOURCE : SAUDI EXPATRIATES