> The collapse in crude prices and the government’s drawdown of foreign reserves is putting more pressure on the Saudi riyal. Still, prices for 12-month dollar-

> The collapse in crude prices and the government’s drawdown of foreign reserves is putting more pressure on the Saudi riyal. Still, prices for 12-month dollar-riyal forward contracts are well short of their all-time high reached in 2016. > A currency devaluation would be too costly for Saudi Arabia and the better option is to adapt to the oil shock through fiscal changes, according to Goldman Sachs Group Inc. Like many countries in the region, the Saudi currency is currently "pegged" to the US dollar. So the devaluation being discussed means abandoning the exchange rate that's been in place since 1986. https://en.wikipedia.org/wiki/Saudi_riyal#Fixed_exchange_rate https://en.wikipedia.org/wiki/Saudi_riyal#Fixed_exchange_rat...