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Riyadh: Saudi Arabia could consider revaluing the riyal with other Gulf oil producers, but has no plans to drop its peg to the sliding dollar to track a currency basket, a source familiar with Saudi currency policy said.
Any revaluation by the world's biggest oil exporter would be "very small" and designed to keep plans for Gulf monetary union alive, the source said, communicating the Saudi response to growing market expectations of a Gulf exchange-rate shift. "Saudi Arabia will definitely not shift to a basket of currencies," the source said.
The Saudi government could consider revaluing the currency, the source said. "We will take time to revalue. If it were to happen, it will be very small, to realign the Gulf currencies with each other," the source said.
"But it's not going to happen in the short-term," the source added.
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