Saudi, UAE say no big financial effect from Brexit

26 Jun 2016

(MENAFN) Saudi Arabia and UAE said that they did not expect remarkable effect to their financial institutions after Britain’s vote to leave the European Union.

“Kingdom had already made some adjustments to assets denominated in sterling and euros in anticipation of the vote,” Saudi officials said.

Gulf’s largest economy said it had been observing the situation and made the changes as a “precautionary stance,” Saudi Arabian Monetary Authority Governor said.

“For the banking sector, we expect that the impact will be limited, because it is less exposed to the two aforementioned currencies’ movements,” he added.

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