EFTA01379418.pdf

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Saudi Arabia The Saudi Arabian riyal (SAR) was introduced in 1961, USD/SAR exchange rate replacing Saudi silver coins and foreign currencies. 3.1$ Until 1986 the currency displayed some flexibility with the SAR initially appreciating after the first oil price spike in the mid-1970s. The currency weakened 314 steadily through the early 1980s until being pegged to 1 the IMF's Special Drawing Rights (SDRs) in 1986. In 112 1- practice, the SAR has been a de-facto peg to the USD at a rate of 3.75/USD. The peg to the USD was 110 formalised in early 2003 to make official the GCC pegs to the USD in the run-up to the proposed GCC common currency. 166 2008 2009 2010 1011 2012 2013 2011 2011 2016 2011 The Saudi Arabia Monetary Agency's (SAMA) primary —USOISAA functions are: Son Dosack•Santabomligrpfteneet• J • To deal with the banking affairs of the Government; • Minting and printing the national currency (the Saudi Riyal), strengthening the Saudi currency and USD/SAR and SAR 3M implied yield stabilizing its external and internal value, in addition to strengthening the currency's cover; 2.0 • Managing the Kingdom's foreign exchange reserves; 1.5 • Managing the monetary policy for maintaining the IA stability of prices and exchange rate; • Promoting the growth of the financial system and 06 ensuring its soundness; 00 • Supervising commercial banks and exchange t od 0 :0 400 40 1 #0 1 4, dealers; —mtAO/SAII 3m imaled !Mick ---`1A0/SAO .r • Supervising cooperative insurance companies and Sa•n O.6c3•Aan the self-employment professions relating to the insurance activity; • Supervising finance companies; • Supervising credit information companies. The riyal is fully deliverable and convertible. It is backed by gold and other foreign currencies. The predominant cross is USD/SAR, but EUR and GBP crosses also trade regularly. Options are quoted on USD/SAR. Page 80 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076883 CONFIDENTIAL SDNY_GM_00223067 EFTA01379418