SAMA committed to riyal’s dollar peg

Saudi Arabia is committed to keeping the riyal pegged to the US dollar and that it has “sufficient tools” to support its fixed exchange rate policy, said Ahmed Al-Kholifey, governor of Saudi Arabian Monetary Agency (SAMA), on Friday.
“The governor said the organization reiterates its ongoing commitment to the riyal’s exchange rate policy, currently at 3.75 against the US dollar,” SAMA said in a statement.
SAMA said it was issuing the statement “in response to what has been mentioned in some media about the riyal exchange rate policy.”
SAMA added: “Speculation that occurs from time to time about the riyal in the forward market is inaccurate. The organization has stressed on various occasions its continued commitment to the current riyal policy and has sufficient tools to support the exchange rate of the riyal.”
The statement said that the fixed exchange rate policy has been followed for more than three decades and is an important policy supporting the Kingdom’s economy.