Saudi central bank reaffirms commitment to peg, says foreign reserves strong

DUBAI: Saudi Arabia's central bank on Monday reaffirmed its commitment to pegging the Saudi riyal to the U.S. dollar, calling it a strategic choice that has contributed to the kingdom's economic growth for over three decades.

"The authority pointed to the strength of its foreign exchange reserves and its ability to meet all the requirements of the national economy in foreign currencies, covering approximately 43 months of imports," the Saudi Arabian Monetary Authority added in a statement.

 

Source: https://www.zawya.com/mena/en/economy/story/Saudi_central_bank_reaffirms_commitment_to_peg_says_foreign_reserves_strong-TR20200504nC6N2BA02DX3/

 

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