Bloomberg Television and Economy

economy: One-year forward contracts for the Saudi riyal, an indicator of where investors expect it to trade, are near the highest since 2003, according to Business Week. Looking at our economy now, in the near future and for many years to come, oil will be dominant in our economy so keeping the peg will be our policy, Al-Mubarak said in a Bloomberg Television interview in Ankara, where he attended the G-20 meeting of global finance chiefs. Investors have increased bets that Saudi Arabia and others in the region will be next to drop their pegs after China devalued the yuan and Kazakhstan allowed its currency to float. Stability is very important to the Saudi government, to Saudi investors and international investors. Definitely we’re solid and confident that this is a good policy for our exchange rate, Al-Mubarak said. The peg of 3.75 riyals to the dollar has served our economy well for more than three decades and recent volatility in the forwards market reflected speculation, he said. (news.financializer.com). As reported in the news.