RIYADH, 9 September — Finance and National Economy Minister Dr. Ibrahim Al-Assaf said yesterday that Saudi riyal remained strong and was not facing any pressure. "The current exchange rate of riyal with the US dollar will continue unchanged," he told Arab News.
Al-Assaf said the Kingdom’s balance of payment situation and reserves were comfortable. "We are not facing any problem," he added.
The report on the strength of Saudi riyal comes in the wake of stable oil prices throughout the year. Saudi crude oil is marketed at an average price of $21.75.
The Kingdom’s financial reserves have touched a staggering $80 billion, which has also played a significant role in strengthening the riyal.
Referring to the US decision to freeze assets of Saudi businessman Wael Julaidan, Al-Assaf said the Kingdom had not received any official information from Washington on the matter.
"We have received nothing official on this issue," Okaz newspaper quoted the minister as saying.
The US Treasury Department announced on Friday that it was adding Julaidan’s name to the groups and individuals allegedly assisting the Al-Qaeda network.
Asked about the growing number of fictitious financial companies in the Kingdom, Al-Assaf said his ministry had taken strict measures in coordination with security authorities to track down such firms.
The finance minister warned Saudi businessmen and investors against running after such companies, which offer fabulous returns. "They should not invest their money in these firms which have nothing but a hotel room or fax machine," he added.
On foreign investors fleeing the Kingdom without paying their tax dues, Al-Assaf said Saudi partners should collect audited and certified financial reports from foreign firms.
The finance and commerce ministries are currently working to retrieve SR64 million from Korean companies in tax dues entitled by the Zakah & Revenue Department.
Al-Assaf was speaking to Arab News after attending a ceremony held here on Saturday to honor ministry officials retiring from service this year. Informed sources told Arab News that more than 18,000 government employees including civilian and military officers would retire this year.
