Dec 07 2011 |
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Saudi Central Bank Governor: Riyal's Peg To USD A Priority
Wednesday, Dec 07, 2011
(This story was originally published Tuesday.)
By Jerry A. DiColo
Of DOW JONES NEWSWIRES
ATLANTA (Dow Jones)--Saudi Arabia has no plans to change its currency's peg to the U.S. dollar, Saudi central bank governor Muhammad Al-Jasser said Tuesday, and the tie remains a priority due to the Kingdom's trade with the U.S.
"It's cold-blooded self-interest that keeps us pegged to the dollar at this point in time," due to the importance of oil exports and other economic ties, said Al-Jasser, the head of the Saudi Arabian Monetary Agency .
Saudi Arabia, a member of the Organization of Petroleum Exporting Countries and the world's largest oil-exporting country, is an important ally for the U.S. in the Middle East. Amid Europe's sovereign debt woes, many analysts and policy makers are watching to see if developing nations, including Saudi Arabia, will take steps to help support the euro zone.
-By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155, jerry.dicolo@dowjones.com
(END) Dow Jones Newswires
07-12-11 0410GMT
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