ISSN 2330-717X

Saudi Arabia: Central Bank Committed To Riyal-US Dollar Peg


The Saudi Arabia’s central bank on Monday affirmed its commitment to the exchange rate policy of pegging the Saudi riyal to the US dollar.

The Saudi Arabian Monetary Authority (SAMA) said the currency peg was a strategic option that contributed to the growth of the Kingdom’s economy for more than 30 years.

“SAMA remains committed to maintaining the exchange rate at the official rate of SR3.75 to the dollar as an anchor of monetary and financial stability,” the authority said.

SAMA said its foreign exchange reserves remain sufficient to meet all demands of the national economy, with enough to cover 43 months of imports and 88 percent of broad money. 

The authority added that the current exchange rate policy is a major supporter of sustainable economic growth.

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Arab News

Arab News is Saudi Arabia's first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz. Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

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