Canadian Dollar Whipsawed as Spat With Saudi Arabia Intensifies

08 August, 2018, 22:08 | Author: Rachel Logan
  • Canada asking allies to help cool Saudi dispute: Report

This comes as Saudi Arabia sells Canadian assets as the kingdom increases its response to Ottawa's criticism of the arrest of a female activist.

She had wrote on Twitter that she was "very alarmed" over the arrests of the activists in Saudi Arabia, and on Friday, Canada's foreign ministry called for their "immediate release".

The statement said Russian Federation rejected the "authoritative tone" of Canada toward Saudi Arabia, adding that the Kingdom had the full sovereign right to manage its own affairs.

Saudi Arabia executed and "crucified" a man from Myanmar as punishment for murdering a woman and other crimes, the country's state-run media announced Wednesday. "We have always said that the politicization of human rights matters is unacceptable", Russian Foreign Ministry spokeswoman Maria Zakharova said in a statement posted on the ministry's website.

Saudi Arabia is now coordinating for the transfer of all Saudi patients from Canadian hospitals to other facilities outside of the country, according to a report from the Saudi Press Agency.

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The Financial Times recently reported that 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". "A mistake has been made and a mistake should be corrected", the Saudi minister said.

Crown Prince Mohammed bin Salman recently went on a global tour touting proposed economic reforms and promoting his vision for the kingdom as "the next Europe".

The kingdom has also expelled Canada's ambassador Dennis Horak, giving him 24 hours to leave the country over the intensifying diplomatic row.

The diplomatic spat between Canada and Saudi Arabia that erupted over the weekend has left many wondering what exactly is going on. Saudi state airline Saudi said it was suspending flights to and from Toronto. Saudi students studying in Canada now have the opportunity to transfer to 18 different countries to continue their studies "without being affected", Saudi Arabia's Deputy Minister of Education for Scholarship, General Supervisor of Cultural Attachés Jasser Al-Harbash told Al Arabiya English on Tuesday.

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