Saudi Arabia not to revalue currency
Saudi Arabia has no intention to revalue its currency as the kingdom's inflation is low, the country's central bank chief has stated. Hamad Saud Al Sayyari, governor of the Saudi Arabian Monetary Agency, said that the central bank does not have to match interest rate changes by the US Federal Reserve and its options are open.
The Saudi riyal surged last month after Kuwait revalued its dinar for the first time since 1989, sparking speculation of regional revaluations across the Gulf region.
- With no common GCC currency in sight, Qatar ‘set to keep’ peg with dollar
- Saudi Arabia rules out change in riyal currency's peg to the dollar
- Global maintains its earlier BUY recommendation on QEWC and revalue the company’s stock at a higher intrinsic value of QR109.2
- Saudi Arabia warnings over "currency war"