Saudi central bank told to dispose of their Canadian assets

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August 08, 2018

Saudi main wheat buying agency has told grains exporters it will no longer accept Canadian-origin grains

Riyadh-

The Saudi central bank and state pension funds had instructed their overseas asset managers to dispose of their Canadian equities, bonds and cash holdings “no matter the cost,” The Financial Times reported on Wednesday, citing unnamed sources.

The move is the latest in a series of action taken by the Saudi government in a row with Canada over what Saudi is calling foreign interference in its domestic affairs

The central bank did not immediately respond to a request for a comment, Reuters said.

A source at a Saudi bank told Reuters the bank was contacted by the central bank on Wednesday afternoon asking for information about all their Canadian exposure investments in Canada and foreign exchange positions.

The bank had received no instructions to sell assets as they do not have any exposure there, the source said.

Saudi Arabia’s main state wheat buying agency, the Saudi Grains Organization (SAGO), has told grains exporters it will no longer accept Canadian-origin grains in its international purchase tenders, European traders said.

This article was first published in  Gulf News

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