Saudi Central Bank Governor: our attachment to the dollar for economic reasons, not emotional Subscribe to our newspaper daily news free
Akhbar Al Khaleej - Akhbar Al Khaleej -- 05/01/2010 05/01/2010
(MENAFN - Akhbar Al Khaleej) The governor of the Saudi Monetary Agency (SAMA) Mohammad Al-Jasser yesterday: that keeping the dollar as a currency linked to the Kingdom is not due to emotional reasons but on purely economic grounds, pointing out that the most important of these reasons is that the dollar is still the main currency in the dealings of the global market and 60% of the world's reserves are still maintains the dollar.
Jasser and reviewed during a meeting with businessmen yesterday to link the causes of exchange rate riyal to the dollar, which he summarized that most of the kingdom's exports assess and pay in dollars, and about two-thirds of the Kingdom's imports set the price and paid for in dollars, in addition to that there is a positive impact of this on the fiscal position of the state through conservation on the value of oil revenues as a major source of income and the financing of the budget of the country.
On exchange rate policy of the Saudi riyal and install its value against the U.S. dollar-Jasser said that the stability of the riyal exchange rate since 1986 when 75.3 riyals to the dollar reduces the consequences and risks of exchange rate fluctuations and provides a way for business owners, particularly those who have trading overseas to focus on other hazards.
Dr. Jasser safety of monetary policy, Saudi Arabia contributed to avoid the risk of the global financial crisis and its consequences, stressing that the Saudi economy not subject to the current financial crisis, but the local economy continued to grow.
He pointed out that despite the recession in the oil sector, which is the main bulk of our domestic economy in 2009 increased by 4,6% as a result of the global context, the GDP recorded a positive growth rate reached 15%, due to the role of local non-oil sector.
Akhbar Al Khaleej - Akhbar Al Khaleej -- 05/01/2010 05/01/2010
(MENAFN - Akhbar Al Khaleej) The governor of the Saudi Monetary Agency (SAMA) Mohammad Al-Jasser yesterday: that keeping the dollar as a currency linked to the Kingdom is not due to emotional reasons but on purely economic grounds, pointing out that the most important of these reasons is that the dollar is still the main currency in the dealings of the global market and 60% of the world's reserves are still maintains the dollar.
Jasser and reviewed during a meeting with businessmen yesterday to link the causes of exchange rate riyal to the dollar, which he summarized that most of the kingdom's exports assess and pay in dollars, and about two-thirds of the Kingdom's imports set the price and paid for in dollars, in addition to that there is a positive impact of this on the fiscal position of the state through conservation on the value of oil revenues as a major source of income and the financing of the budget of the country.
On exchange rate policy of the Saudi riyal and install its value against the U.S. dollar-Jasser said that the stability of the riyal exchange rate since 1986 when 75.3 riyals to the dollar reduces the consequences and risks of exchange rate fluctuations and provides a way for business owners, particularly those who have trading overseas to focus on other hazards.
Dr. Jasser safety of monetary policy, Saudi Arabia contributed to avoid the risk of the global financial crisis and its consequences, stressing that the Saudi economy not subject to the current financial crisis, but the local economy continued to grow.
He pointed out that despite the recession in the oil sector, which is the main bulk of our domestic economy in 2009 increased by 4,6% as a result of the global context, the GDP recorded a positive growth rate reached 15%, due to the role of local non-oil sector.