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Sat 2 Jan 2010 02:23 PM

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Saudi sees no need to change $-based fx regime - paper

'Nothing justifies operating a change in forex regime nor introducing adjustments.'

Saudi Arabia does not need to change the U.S. dollar as a peg to its riyal currency, the central bank governor of OPEC's most influential member said in remarks published on Saturday.

"The current exchange regime has served the national economy in an excellent form over the past two decades," Muhammad al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), told al-Eqtisadiah newspaper in an interview.

"Nothing justifies operating a change in the foreign exchange regime nor introducing adjustments to the exchange rate of the riyal versus the U.S. dollar based on the periodic fluctuations of the dollar's exchange rate in international markets," he added.

Saudi Arabia has been linking the riyal to the U.S. dollar since 1986. (Reuters)

Arabian Business: why we're going behind a paywall