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Saudi Arabia says will not revalue currency

Gulf finance ministers meet regularly to discuss "all aspects" of interest, but "there was no decision" to revalue their dollar-pegged currencies, Prince Saud said.

  • Agencies
  • Published: 14:44 December 11, 2007
  • Gulf News

Riyadh: Saudi Arabia will not revalue its currency, Foreign Minister Prince Saud Al Faisal said on Tuesday.

Gulf finance ministers meet regularly to discuss "all aspects" of interest, but "there was no decision" to revalue their dollar-pegged currencies, Prince Saud said.

Asked whether Saudi Arabia would revalue its riyal, Prince Saud said "No".

Bahraini Foreign Minister Sheikh Khaled bin Ahmed Al Khalifa said on Saturday that Gulf central bankers and finance ministers would meet within days to discuss revaluation.

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