SAMA governor says fx reserves up in December, situation 'assuring'

Saudi central bank governor said Saudi Arabia's foreign currency reserves have seen an assuring rise in December, reversing a persistent decline over several months earlier.

Ahmed Alkholifey, governor of Saudi Arabian Monetary Authority (SAMA), was speaking to CNBC at the World Economic Forum in Davos.

Saudi Arabia reported a rise in foreign reserves to SAR 1.86 trillion in December. The rise is assuring, he said, adding that the Kingdom has no plans to alter its current foreign exchange system (including the US dollar-riyal peg).

Alkholifey said the Kingdom has a strong liquidity position and can inject cash into the banking system if need arises.