Kingdom rules out ending the riyal’s peg to the dollar

February 25, 2008

Saudi Arabia has ruled out ending the Saudi riyal’s peg to the US dollar.

In a press conference today, Vice Governor of the Saudi Arabian Monetary Agency (SAMA) Mohammad Al-Jasir said that the riyal is pegged to the dollar not for political reasons but because of the benefits such a peg brings the Kingdom. He remarked that the Saudi economy has benefited over the years because its economy is largely based on oil exports valued internationally in dollars.