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Saudi Arabia's central bank governor pledges to maintain the peg
Abu Dhabi - Sky News Arabia Fahd Al-Mubarak vowed governor of the Saudi Arabian Monetary Agency (central bank) to maintain the monetary policy of the Kingdom and the local riyal peg to the US dollar at 3.75 riyals to the dollar.
Mubarak said in remarks published Monday on the foundation's Web site, "the Kingdom of monetary policy aimed at maintaining the stability of the national currency and to provide a strong and solid banking sector and the strengthening of monetary and financial stability, which supports national economic growth."
He added, "I would like to assure the continuation Monetary Agency in the management of monetary policy to achieve the objectives of the stability and the value of the riyal exchange rate at 3.75 riyals to the dollar."
The speculators in the currency they caused pressure on the riyal in recent months due to the impact of falling oil prices on public finances of the kingdom, which caused the expectation of a large budget deficit this year.
He added: "I would like to assure the continuation Monetary Agency in the management of monetary policy to achieve the objectives of the stability and the value of the riyal exchange rate at 3.75 per dollar," according to The "Reuters".
Saudi riyal fell in January to a record low against the dollar in the futures market in maturity, with the fall in oil prices has led some banks and funds to bet that Saudi Arabia may resort to devaluation of its currency.
Abu Dhabi - Sky News Arabia Fahd Al-Mubarak vowed governor of the Saudi Arabian Monetary Agency (central bank) to maintain the monetary policy of the Kingdom and the local riyal peg to the US dollar at 3.75 riyals to the dollar.
Mubarak said in remarks published Monday on the foundation's Web site, "the Kingdom of monetary policy aimed at maintaining the stability of the national currency and to provide a strong and solid banking sector and the strengthening of monetary and financial stability, which supports national economic growth."
He added, "I would like to assure the continuation Monetary Agency in the management of monetary policy to achieve the objectives of the stability and the value of the riyal exchange rate at 3.75 riyals to the dollar."
The speculators in the currency they caused pressure on the riyal in recent months due to the impact of falling oil prices on public finances of the kingdom, which caused the expectation of a large budget deficit this year.
He added: "I would like to assure the continuation Monetary Agency in the management of monetary policy to achieve the objectives of the stability and the value of the riyal exchange rate at 3.75 per dollar," according to The "Reuters".
Saudi riyal fell in January to a record low against the dollar in the futures market in maturity, with the fall in oil prices has led some banks and funds to bet that Saudi Arabia may resort to devaluation of its currency.
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