Saudi Arabia reportedly directing selloff of Canadian assets after criticism
TORONTO — As Saudi Arabia continues to escalate its political dispute with Canada, experts say Canadian businesses shouldn’t expect any quick resolution.
On Tuesday the loonie dipped following a report that Saudi Arabia had directed asset managers to sell off Canadian holdings.
The Saudi central bank and state pension funds have sent instructions to dispose of Canadian equities, bond, and cash “no matter the cost,” the Financial Times said, citing unnamed sources.
“The biggest effect it had immediately this morning was the Canadian dollar did take a drop, it fell about half a per cent today,” said Michael Currie, vice-president and investment analyst at TD Wealth.