Saudi finance ministry to appoint local banks as primary bond dealers

Saudi Arabia is trying to develop an actively traded debt market as part of reforms to diversify the economy beyond oil exports.

  
A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016. Image used for illustrative purpose.

A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

DUBAI  - Saudi Arabia's finance ministry said its Debt Management Office would sign an agreement on Thursday to appoint local banks as primary dealers in government bonds.

The statement on the ministry's Twitter account gave no details. Saudi Arabia is trying to develop an actively traded debt market as part of reforms to diversify the economy beyond oil exports.

(Reporting By Aziz El Yaakoubi; Editing by Andrew Torchia) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086);))


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