n February and March of $2015,$ the Saudi Arabian Monetary Agency $($SAMA$)$ sold more than $$30$ billion of its foreign reserves in order to prop up its currency. Which of the following statements could explain SAMA$$s decision and is consistent with the theories we have developed?

In February and March of $2015,$ the Saudi Arabian Monetary Agency $($SAMA$)$ sold more than $$30$ billion of its foreign reserves in order to prop up its currency. Which of the following statements could explain SAMA$$s decision and is consistent with the theories we have developed?

SAMA is attempting to prevent a domestic recession by boosting exports.

Saudi Arabia has been experiencing domestic deflationary pressure $($i$.$e$.$ the prices of goods and services have been dropping$)$ that SAMA wants to offset.

As Saudi Arabia is a $($large$)$ net exporter of oil, the reduced world price of oil caused Saudi Arabia$$s trade balance $($Exports minus Imports$)$ to decline, putting pressure on the Saudi riyal to depreciate. SAMA is preventing this depreciation from occurring.

All of the above statements could explain SAMA$$s decision and are consistent with the theories we have developed.