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Saudi central bank reiterates commitment to riyal's dollar peg

Saudi Arabia's central bank governor said there are sufficient tools to support its fixed exchange rate policy.

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Saudi Arabia's central bank governor Ahmed al-Kholifey reiterated on Friday that the kingdom was committed to keeping the riyal pegged to the US dollar and that it had "sufficient tools" to support its fixed exchange rate policy.

"The governor of the Saudi Arabian Monetary Agency said the organization reiterates its ongoing commitment to the riyal's exchange rate policy, currently at 3.75 against the US dollar," the central bank said in a statement on its website.

"Speculation that occurs from time to time about the riyal in the forwards 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 fixed exchange rate policy has been followed for more than three decades and is an important policy supporting the kingdom's economy."