RIYADH May 2 The governor of Saudi Arabia's
central bank said on Tuesday that the kingdom would stick to the
currency peg linking the Saudi riyal to the U.S. dollar.
"The peg exchange rate has served us very well and it
continues to serve us, so we will stick to it," Ahmed
al-Kholifey told an investment conference.
He also said the central bank was comfortable with Saudi
Arabia's level of banking services and their sophistication, but
that it was not content with the amount of credit being provided
by banks to small and medium-sized enterprises, which was about
2 percent of the total.
In an effort to boost the kingdom's savings rate, the
central bank is working with the Ministry of Education to
instill a savings culture in younger Saudis, and working with
the Ministry of Finance to develop sukuk that could be used by
individual savers, Kholifey added.
(Reporting by Riyadh Reuters team; Editing by Andrew Torchia)