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Saudi finance minister reaffirms dollar peg

The Saudi finance minister, Ibrahim Assaf, reaffirmed on Saturday that Saudi Arabia will maintain its current monetary policy linking its currency to the dollar and discarded any intention towards the riyal revaluation, wrote the Saudi daily Al Watan.

The dollar peg is very useful in the Kingdom’s long-term strategy and will be maintained, he indicated after a meeting with Henry Paulson, the US Tresaury secretary. During a joint press conference in Jeddah, Assaf said that he discussed with Paulson a number of issues related to the oil market, bilateral economic relations and investment opportunities for the private sectors of the two countries and the coordination of their actions within the international monetary organizations. Paulson indicated that the riyal depeg was a “sovereign decision”, adding that the link with the US dollar served well the interests of the Kingdom and the region. (The National, UAE)