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Saudi considerers dropping the dollar peg
- Saudi Arabia: Sunday, February 17 - 2008 at 09:41
A Saudi Arabian council that advises the king will discuss revaluing the riyal against the dollar at a meeting today with the finance minister and central bank governor, reported Kuwait Times. Reviewing the exchange rate of the riyal versus the US dollar is a "necessity", said Osama Abu-Gherara, deputy chairman of the Shura Council's finance committee. Abu-Gherara was reported as saying the kingdom, which has not changed the riyal's rate in 22 years, had yet to take any "concrete steps" to combat inflation, which surged to a 16-year high of 6.5 per cent in December. The Shura Council, whose members are appointed by King Abdullah, will meet Finance Minister Ibrahim Al-Assaf and Hamad Saud Al-Sayyari-governor of the Saudi Arabian Monetary Agency-today, Abu-Gherara said.
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Amena Bakr, Senior ReporterSunday, February 17 - 2008 at 09:41 UAE local time (GMT+4)
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