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A Rare Occurrence In The Saudi Currency Market Tells You That Trouble Is Brewing In The Middle East
Ms Sans Serif
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[quote:Visitor 24691196:MV8yMDA3NzIwXzMzNzM4MTEwXzU0RDA2QjY2] New salary increase to all citizen of Saudi Arabia something like 40-60 % on basic salary pay. We had it before back in 1977 (100 % salary increase to all citizens) At lease it will make some of the neighbor really angry (Iran) The riyal is hooked to dollar which is hooked to oil, so as of today the oil is flowing on maximum scale so the dollar is doing just fine and safe and so the riyal. Saudi Arabia is truly the land of milk and honey Have good day [/quote]
An important shift is developing in Saudi Arabian currency derivatives markets as Iran becomes engulfed in populist protests amid hyperinflationary pressures and armed conflict breaks out between Turkey and Syria, heightening concerns about tensions in the Middle East.
The 12-month forward rate on the Saudi Arabian riyal – or the difference between how many riyals traders think a dollar will be able to buy a year from now versus how many riyals a dollar can buy today – has been hovering just above zero for the past two weeks.
In other words, as pointed out by BNP's Bartosz Pawlowski, traders are expecting the riyal to depreciate against the dollar.
And that is something that almost never happens – unless markets are getting really worried about Saudi Arabia, one of the most stable countries in the region.
link to www.businessinsider.com
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