Governor of the Saudi Arabian Monetary Agency (SAMA), Fahad Al Mubarak,

  • "Looking at our economy now, in the near future and for may years to come, oil will be dominant in our economy so keeping the peg will be our policy"
  • "Definitely we're solid and confident that this is a good policy for our exchange rate"
  • Says he expects the economy to grow at more than 3% this year

Al Mubarak was speaking Ankara at the G20 meeting

More at the link

Notes:

  • The Saudi riyal is pegged at 3.75 to the USD
  • Speculations has increased that Saudi Arabia and others in the region will drop their pegs
  • One-year forward contracts for the Saudi are near the highest since 2003

-

The Saudi Arabian Monetary Agency (SAMA) is the central bank of Saudi Arabia.