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Home Markets Forex

Saudi’s Central Bank reconfirms pegging to U.S. Dollar

The Global Economics by The Global Economics
May 7, 2020
in Forex, Central, Trending
Reading Time: 1 min read
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Close up picture of Belize dollar.

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The Saudi Arabia’s central bank which is aiming at a sustainable economic growth during the coronavirus pandemic asserted its commitment to the Riyal-US dollar peg on Monday. The currency peg is the fixing of one’s currency value to another’s leading to the central bank artificially controlling the value of its currency.

Business Insider describes it this way: It’s like they’ve been tied together with a rope. Where one goes, the other follows. This stabilizes the value of a currency and the dangers of fluctuation are minimized.

The Saudi Arabian Monetary Authority (SAMA) fixed it at the official rate of SR 3.75 to the dollar to continue to promote trade, boost incomes and trade, adding that this strategy has contributed to immense growth of the economy in the past thirty years.

It also quoted that the reserves were adequate to meet the demands of the national economy for foreign exchange reserves covering about 43 months of imports and 88% of M3 money.

Thus, this can be seen as a drive towards sustainable growth, stability, and boom in the nation’s trading in the long run.

The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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