Saudi central bank governor vows to keep currency peg

Currency speculators have put pressure on the riyal in recent months because of the impact of lower oil prices on Saudi Arabia's fiscal balance. (File photo: Reuters)

Saudi Arabian Monetary Agency (SAMA) Governor Fahad al-Mubarak said he was committed to maintaining monetary policy to keep the kingdom's decades-long currency peg of 3.75 riyals per dollar in comments published on the central bank website on Monday.

Currency speculators have put pressure on the riyal in recent months because of the impact of lower oil prices on Saudi Arabia's fiscal balance, causing a projected large deficit this year.

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Last Update: Wednesday, 20 May 2020 KSA 12:04 - GMT 09:04
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