Saudi stands by its growth predictions

Saudi stands by its growth predictions
2.5 5

Published August 8th, 2012 - 10:35 GMT via

Rate Article:

PRINT Send Mail
comment (0)
Saudi Riyal
Saudi Riyal
Follow >
Click here to add Ibrahim Alassaf as an alert
Ibrahim Alassaf
Click here to add Reuters as an alert

Saudio Arabia's Finance Minister, Ibrahim Alassaf, says the country has no reason to change its 2012 economic growth forecast of 5.9 percent

He also sees its exchange rate policy as suitable reflecting the riyal currency's real value.

"We do not see any reason that (growth) estimates for the rest of the year should change," he told Al Arabiya television.

"The current exchange rate policy in the kingdom is a suitable one because it encourages growth of the financial sector, trade and investment. The current exchange rate reflects the real value of the riyal."

The world's top crude oil exporter pegs its riyal at 3.75 to the U.S. dollar.

Private analysts polled by Reuters in July forecast the kingdom's hydrocarbon-reliant economy would expand by 5.2 percent this year, less than a revised 7.1 percent posted in 2011 due to a global economic slowdown.

© 2012 CPI Financial. All rights reserved.

Add a new comment