Economics
Prince Alwaleed Sees Saudi Currency Depeg as Last Resort
- Central bank reiterated dollar-peg commitment this week
- Kingdom has been working to reduce its reliance on oil
Prince Alwaleed: Currency De-Pegging a 'Last Resort'
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Saudi billionaire Prince Alwaleed Bin Talal raised the possibility that the kingdom may depeg its currency as the country undergoes unprecedented social, political and financial change.
“As a last resort maybe some time two, three years down the line it’s a possibility,” Alwaleed, speaking in an interview with Bloomberg TV, said of a potential change to the riyal’s fixed valuation against the dollar. “Meanwhile, it should stay where it is right now. There are so many things happening.”