Canadian dollar falls after Saudi Arabia reportedly sells off assets

Canadian dollar falls after Saudi Arabia reportedly sells off assets

Canadian dollar falls after Saudi Arabia reportedly sells off assets

The kingdom also said it plans to freeze future trade relations between the two countries.

Riyadh also said it will relocate thousands of Saudi students studying in Canada to other countries, while state airline Saudia (also known as Saudi Arabian Airlines) announced it was suspending flights to Toronto.

Saudi Arabia's main state wheat buying agency, the Saudi Grains Organization, has also told grains exporters it will no longer accept Canadian-origin grains in its worldwide purchase tenders, according to European traders.

So far this year, Canada has exported $1.4 billion in merchandise goods to Saudi Arabia and imported $2 billion, according to Statistics Canada data.

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The Kingdom has recalled its ambassador, while at the same time expelling Canada's top diplomat in the country.

The execution came during a deepening dispute between the two countries sparked by Canadian criticism of how Saudi Arabia is treating jailed activists.

Responding to a question about the reason for the activists' arrests, Jubeir said that charges against them would be made public once their cases reach the courts, repeating earlier allegations that they had been in touch with foreign entities.

But Canada sold 66,000 tonnes of barley to Saudi Arabia in 2016, and twice that previous year.

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"We are always going to speak up for human rights, we are always going to speak up for women's rights and that is not going to change", Freeland said. The selling began on Tuesday, it said.

"The Kingdom views the Canadian position as an affront to the Kingdom that requires a sharp response to prevent any party from attempting to meddle with Saudi sovereignty", the Saudi foreign ministry said in a statement.

The escalating trade battle between Canada and Saudi Arabia highlights the need for more pipelines to move oil and natural gas around the northern nation to improve its energy security, according to the Canadian oil industry's largest trade group.

In an indication that the quarrel may worsen, Jubeir said that the kingdom was still "considering additional measures" against Canada, but did not elaborate.

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Canadian Prime Minister Justin Trudeau is reportedly expected to be pressed on the diplomatic crisis at a press conference in Montreal.

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