Financial and Banking News
Saudis Devalue 2.7%
The Saudi Arabian Monetary Agency (SAMA) announced a relatively large realignment of the Saudi Riyal (SR) from SR3.65=$1 to SR3.75=$1 on 1 June. The change was significant enough to be called a devaluation, and had been widely expected by banks in the Kingdom, where speculation had caused local SR rates to soar in recent weeks. SAMA did not comment on the reasons for the devaluation, which reduced the SR/$ value by...