KSA adjusts some assets in sterling and euros

RIYADH — The Saudi Arabian Monetary Agency (SAMA) said on Saturday it had made some adjustments to assets denominated in sterling and euros in anticipation of Britain’s vote to exit the European Union. The adjustments were made ahead of the results of the vote as the Kingdom had been monitoring the situation and made the changes as a “precautionary stance,” SAMA Governor Ahmed Al-Kholifey was quoted as saying by the Saudi Press Agency. “For the banking sector, we expect that the impact will be limited, because it is less exposed to the two aforementioned currencies’ movements,” he said. — SG