In this rejoinder, I should like to emphasise, once more, that my original article was intended as a statistical inquiry into the Saudi money demand relationship. As such, its main purpose was to explore whether foreign interest and currency exchange rates exert significant (statistically non‐zero) effects on domestic money holdings in Saudi Arabia. As the results in my Reply show, the use of non‐oil GDP that was suggested by Professor Fadil did not alter my original finding that these external factors do significantly affect the Saudi money demand.
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