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Dollar peg beneficial, says Saudi

Saudi Arabia has confirmed that it will continue…

November 18, 2009 4:12 by

Saudi Arabia has confirmed that it will continue to peg its currency to the US dollar as long as the dollar remains the main global reserve currency. “The US dollar is still the main reserve currency globally. Pegging the Saudi riyal to it benefits the kingdom until a major rival (currency) appears,” Muhammad al-Jasser, the kingdom’s central bank governor told Saudi-based Arabic daily, Alrroya Aleqtossadiya.

The dollar has fallen to a 15-month low against a basket of six major currencies this week, according to Reuters.

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