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Saudi warns against riyal appreciation bet

Riyadh, December 4, 2007

Saudi Arabia's finance minister warned investors against the betting on an appreciation of the dollar-pegged riyal.

He said in a television interview that the kingdom had no plans to change currency policy.

There was no disagreement on currency policy among six Gulf Arab oil producers, whose rulers are meeting in the Qatari capital Doha, Ibrahim al-Assaf said in an interview aired by Saudi-owned Al Arabiya television on Tuesday.

"There is no disagreement on this subject," Assaf said. "This topic was not discussed. It wasn't even proposed to be included in the agenda," he said in response to a question about the dollar peg.

"There is no change in the policy of the kingdom. And I think that applies to other Gulf states as well," Assaf said, warning investors against betting on riyal appreciation.

"Rumours sometimes provoke those hungry for speculation but as was the case in the past, those who indulge in speculation always lose," he said.

Arabiya recorded the interview on Monday, one of the station's presenters said. - Reuters




Tags: Saudi | revaluation | peg | Riyal |

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