Saudis Counting on $745 Billion to Defend Riyal Peg: Currencies
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In Saudi Arabia, where the currency has been fixed at about the same rate for 28 years, even the tiniest swings in the futures market reflect concern the peg will be broken. So the 0.2 percent drop that traders see by next year shows this is the most worried they’ve been about it since 2009.
For Standard Chartered Plc and Abu Dhabi Commercial Bank PJSC, that speculation -- the result of the plunge in oil, Saudi Arabia’s dominant export -- will prove fleeting just like it did five years ago and 16 years ago.