World Economy

Call for Saudi Monetary Stability

Call for Saudi Monetary StabilityCall for Saudi Monetary Stability

New Saudi Arabian Monetary Authority Governor Ahmed Al-Kholifey said his main priority is to maintain monetary stability and support the government’s Vision 2030 economic reforms, Al Sharq Al Awsat newspaper reported on Sunday, Reuters reported. Al-Kholifey was appointed on Saturday in succession to Fahd Al-Mubarak. Without citing Al-Kholifey by name, the daily added: “The central bank reaffirmed that it will keep the currency peg to the dollar, supported by its monetary tools, one of which is its foreign reserves.” The newspaper also reported the bank as saying that recent volatility in the forwards market “are mere speculations because the monetary and economic indicators show that the kingdom is in a stable state”.