Saudi committed to riyal-dollar peg.
Global Banking News-August 12, 2016--Saudi committed to riyal-dollar peg
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Global Banking News - 12 August 2016
The government of Saudi Arabia said that it is committed to a riyal-dollar peg.
The bank said that it is committed to keep the riyal pegged to the US dollar and that it had 'sufficient tools' to support its fixed exchange rate policy.
The central bank said, 'The governor of the Saudi Arabian Monetary Agency said the organisation reiterates its ongoing commitment to the riyal's exchange rate policy, currently at 3.75 against the U.S. dollar. The fixed exchange rate policy has been followed for more than three decades and is an important policy supporting the kingdom's economy.'
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