Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) has affirmed its commitment to the exchange rate policy of pegging the Saudi riyal to the US dollar as a strategic choice.
This policy has supported economic growth in the kingdom for over three decades, SAMA said in a recent statement.
“SAMA remains committed to maintaining the exchange rate at the official rate of SAR 3.75 to the dollar as an anchor of monetary and financial stability,” the Saudi central bank explained, adding that the “current exchange rate arrangement is a primary driver for monetary stability and sustainable economic growth.”
Saudi foreign exchange reserves remain sufficient to meet the kingdom’s economy needs, covering 43% of imports and 88% of broad money (M3).
