Riyadh-Mubasher: Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, said on Monday that it will continue pegging the riyal to the US dollar despite recent fluctuations in the forwards market and concerns about the local economy.
SAMA said it will maintain the peg at SAR 3.75 per USD, backed up by the full range of monetary policy instruments including its foreign exchange reserves.
The central bank attributed the volatility in riyal futures to speculations based on unreal forecasts, describing the kingdom's economic and financial indicators as 'stable'.
The kingdom's stable financial policy is attributable to its strong credit position and flexible banking system, SAMA said.
