Saudi cbank chief vows to keep currency peg
RIYADH, March 14, 2016
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 SR3.75 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. – Reuters