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  • Banking
    Saudi National Bank Receives Approvals from Shareholders

    Saudi National Bank Receives Approvals from Shareholders

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

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    Qatar Islamic Bank Brings New H2H Payment Management Solutions for Corporate Customers

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  • Banking
    Saudi National Bank Receives Approvals from Shareholders

    Saudi National Bank Receives Approvals from Shareholders

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

    Saudi Central Bank Launches Instant Payment System Sarie

    Saudi Central Bank Launches Instant Payment System Sarie

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

    Commercial Bank Launches New Payment Feature Through Wearables

    Commercial Bank Launches New Payment Feature Through Wearables

    Kenanga Investment Bank Acquires i-VCAP Management

    Kenanga Investment Bank Acquires i-VCAP Management

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    Qatar Islamic Bank Brings New H2H Payment Management Solutions for Corporate Customers

    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

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    Howden and Steadfast Join Hands to Launch Australian Broking Operation

  • Finance
    Valoreo Raises $50 Million to Boost LatAm E-Commerce Sector

    Valoreo Raises $50 Million to Boost LatAm E-Commerce Sector

    Malaysia Aviation Group Obtains Approval for RM3.6 Billion Capital

    Malaysia Aviation Group Obtains Approval for RM3.6 Billion Capital

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    Turkey: Behavioral Pattern of FDI in 2020

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    PayNow Collaborates with Three E-Wallet Companies for Seamless Fund Transfer

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    Visa Collaborates with Pliant, Launches Business Credit Card in Germany

    Kuwait-based Agility Invests $35 Million in Queen’s Gambit Growth Capital

    Kuwait-based Agility Invests $35 Million in Queen’s Gambit Growth Capital

    Siemens Healthineers Collaborates with British Hospital Operator in $169 Million Deal

    Siemens Healthineers Collaborates with British Hospital Operator in $169 Million Deal

    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

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    Tower Capital Asia Raises $250 Million on First Closing on Southeast Asian Fund

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    Huawei Launches Regional Center for Asia-Pacific Region

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    MLL Telecom to Provide Broadband to The Kemnal Academics Trust

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    Facebook News Launches in the U.K. With New Local and National Partnerships

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    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

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    Nokia Bags 5G Contract from Proximus Luxembourg

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    Cisco Acquires Two European Companies to Boost User Engagement

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    Amazon Launches IP Accelerator for SMBs Across Europe

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    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

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    PSC Insurance Group Acquires Two UK-based Brokers for $66 Million

    Aviva Sells French Operation to Aéma Groupe for €3.2 Billion

    Aviva Sells French Operation to Aéma Groupe for €3.2 Billion

    Insurtech Igloo Joins Hands with Surety Broker Philinsure

    Insurtech Igloo Joins Hands with Surety Broker Philinsure

    Apax Partners Acquires PIB Group from Carlyle Group Ownership

    Apax Partners Acquires PIB Group from Carlyle Group Ownership

    QIIG and SAP Partner up on Digital Transformation Deal

    QIIG and SAP Partner up on Digital Transformation Deal

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

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    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    French Insurer AXA Sells Gulf Business for $269 Million

    French Insurer AXA Sells Gulf Business for $269 Million

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

  • Energy
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    Japanese Energy Firm Mitsubishi to Provide Wind Power to Amazon’s European Facilities

    UAE Institutions Join World Logistics Passport to Foster Trade Growth

    UAE Institutions Join World Logistics Passport to Foster Trade Growth

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    BIS Launches Second Green Bond Investment Fund for Central Banks

    DP World Signs Agreement to Develop New Superport in Senegal

    DP World Signs Agreement to Develop New Superport in Senegal

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    Macquarie Approves £3 Billion Funding of U.K. Green Projects

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    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

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    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

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    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

  • Real Estate
    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    What Brexit Means for Property Market: Key Issues in 2021

    What Brexit Means for Property Market: Key Issues in 2021

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

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Saudi’s Central Bank reconfirms pegging to U.S. Dollar

The Global Economics by The Global Economics
May 7, 2020
in Banking, Trending
Reading Time: 1min read
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The Saudi Arabia’s central bank which is aiming at a sustainable economic growth during the coronavirus pandemic asserted its commitment to the Riyal-US dollar peg on Monday. The currency peg is the fixing of one’s currency value to another’s leading to the central bank artificially controlling the value of its currency.

Business Insider describes it this way: It’s like they’ve been tied together with a rope. Where one goes, the other follows. This stabilizes the value of a currency and the dangers of fluctuation are minimized.

The Saudi Arabian Monetary Authority (SAMA) fixed it at the official rate of SR 3.75 to the dollar to continue to promote trade, boost incomes and trade, adding that this strategy has contributed to immense growth of the economy in the past thirty years.

It also quoted that the reserves were adequate to meet the demands of the national economy for foreign exchange reserves covering about 43 months of imports and 88% of M3 money.

Thus, this can be seen as a drive towards sustainable growth, stability, and boom in the nation’s trading in the long run.

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The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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Nippon Express Launches China-Europe Cross-Border Freight Service

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PSC Insurance Group Acquires Two UK-based Brokers for $66 Million

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Saudi National Bank Receives Approvals from Shareholders

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