Saudi Arabia to stay with the US dollar

30 January 2010

The Saudi Arabian Monetary Authority (Sama) has said the kingdom's riyal has no plans to drop the US dollar peg, having served Saudi Arabia's economy very well, Zawya Dow Jones has reported, citing CNN interviews with Mohammad Al Jasser, governor of Sama. Al Jasser cited 100% of the kingdom's exports as well 70% of its imports are dollar-denominated. Saudi Arabia, Kuwait, Qatar and Bahrain has earlier agreed on and ratified a Gulf monetary union agreement, setting up a monetary council that will decide on the peg of proposed single currency.

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