Pressured by plunging oil prices and costly wars in the Middle East, Saudi Arabia moved to stamp out speculation that it might be forced to break the link between its currency and the dollar.
Authorities this week ordered banks to limit traders’ ability to bet against against the riyal, whose peg to the dollar has been a bulwark of the kingdom’s economic and financial stability since its introduction three decades ago.
Arif Sharif & Matthew Martin | Bloomberg Business