'Saudi to uphold riyal's peg to dollar'

Saudi Arabian Monetary Agency reacts to volatility in forward market

The Governor of Saudi Arabian Monetary Agency, (Sama) Dr. Fahd bin Abdullah Al-Mubarak has reiterated the agency's official position that Sama will uphold its mandate of maintaining the peg at Saudi riyals 3.7500 per US$, backed up by the full range of monetary policy instruments, including its foreign exchange reserves.

The Saudi Press Agency (SPA) reported Dr. Al-Mubarak saying in a statement today, ''We have observed recent volatility in the US$/SAR forward market due to the mispricing linked to market operators' misperception about the Kingdom of Saudi Arabia's overall economic backdrop. Factors affecting the forward market are largely speculative in nature. The Kingdom of Saudi Arabia's key economic and financial indicators are stable, as reflected by its net creditor position with a sound and resilient banking system."


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