RIYADH — Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia holds the third largest dollar reserves in the world.

In an interview with Al Arabiya channel on the sidelines of the Financial Sector Conference held in Riyadh, he revealed that the Kingdom plans to issue bonds worth SR120 billion this year in order to meet its need for local bonds until the end of the year.

“It is very important to issue bonds in Saudi riyals, and the curve of issuance of Saudi bonds has been completed after the issuance of 30 years. We will complete the issuance of monthly bonds as required by the market,” he said.

The demand for the issuance of first bonds was very high, Jadaan said while emphasizing that the high demand for Saudi bonds reflects the global confidence in its economy.

The minister noted that the demand for long-term bonds is greater than short-term ones.

Jadaan said the Kingdom’s bond issues are currently focused on riyal and dollar.

“The Kingdom may issue bonds in euros this year depending on the market demand,” he added.