SAMA affirms commitment to exchange rate policy of pegging Saudi riyal to US dollar strategic choice

SAMA affirms commitment to exchange rate policy of pegging Saudi riyal to US dollar strategic choice

Saudi Arabian Monetary Authority (SAMA) today affirms its commitment to its exchange rate policy of pegging the Saudi riyal to the US dollar as a strategic choice that has supported economic growth in Saudi Arabia for over three decades.

In a press statement, the Saudi Arabian Monetary Authority said “Furthermore, SAMA remains committed to maintaining the exchange rate at the official rate of 3.75 riyals to the dollar as an anchor of monetary and financial stability.”

The statement added “SAMA’s foreign exchange reserves remain sufficient to meet all demands of the national economy for foreign exchange, with foreign exchange reserves covering 43 months of imports and 88% of broad money (M3). As such, SAMA affirms that the current exchange rate arrangement is a primary driver for monetary stability and sustainable economic growth.”