Saudi Riyal Forwards Jump to 16-Year High Following Budget Plan

Updated on
  • Forwards rise after kingdom announces subsidy, spending cuts
  • Changes to subsidy regime "deeper" than expected: Coeli

Saudi Arabia's Economic Policy Shakeup

Contracts used to bet whether Saudi Arabia will allow its dollar-pegged currency to weaken jumped to the highest level in more than 16 years after the world’s biggest oil exporter cut subsidies and spending for 2016.

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