Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, is setting policy in line with the US Federal Reserve's interest rate policy and has enough tools to deal with any pressure on the riyal-dollar peg, Reuters reported, citing SAMA governor Ahmed al Kholifey.
Speaking on the sidelines of a financial industry conference in Abu Dhabi, Kholifey said the Saudi central bank wanted to be ahead of the curve in employing new financial technology, especially in the payments system.
Earlier this month, the central bank signed a deal with US-based Ripple to help banks in the Kingdom settle payments using blockchain software.
Kholifey also noted that the central bank was in talks with the UAE central bank on the use of blockchain technology.
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