Saudi main economic indices stable- authority

(MENAFN- Kuwait News Agency (KUNA)) RIYADH Jan 11 (KUNA) -- Basic financial and economic indices of the Kingdom of Saudi Arabia "are stable" said Dr. Fahad bin Abdullah Al-Mubarak. Governor of the Saudi Arabian Monetary Agency in remarks on Monday.The Kingdom financial stability is attributed to its "net financial status credit status and flexible and sound banking system" he said in remarks broadcast by the official Saudi Press Agency (SPA).The monetary agency has recently monitored "fluctuations in the forwards of the Saudi riyal against the US dollar emanating from false perceptions by some traders in the market and general economic conditions in the Kingdom." He identified factors affecting the forwards as "unrealistic speculations" stressing that the country's "financial and economic indices are stable." He also affirmed that the riyal would remain pegged to the US dollar at (USD) 3.75 supported with "a complete group of monetary policy tools namely foreign currency reserves." (end) yms.rk