|
Riyadh: Saudi Arabia's determination to maintain its riyal currency peg to the US dollar is provoking anger in internet forums, where Saudis can vent their frustrations with anonymity.
Saudi Arabia has resisted pressure among fellow Gulf Arab states to revalue the riyal or peg it to a basket of currencies, despite the dollar's precipitous fall on global markets.
The riyal's peg at 3.75 to the dollar is considered by economists as a factor behind a sharp rise in inflation this year that has hit ordinary Saudis while record oil prices have fattened government coffers to unprecedented levels.
In recent years, internet sites have become an outlet for the public to state their views freely.
"By God, Mr. Assaf, our backs have been broken by the riyal," one user wrote on the web site of semi-official daily Al Riyadh, addressing Finance Minister Ebrahim Al Assaf.
Assaf bluntly said on the sidelines of a summit of Gulf Cooperation Council leaders in Qatar this week that Saudi Arabia would not revalue or break its dollar peg, squashing feverish speculation that Riyadh's neighbours will force its hand.
The United Arab Emirates has raised public wages to offset inflation and said it wants to reset its own dollar peg.
"It's because of the American economy. Our economy is strong, so why doesn't the riyal strengthen? When we go abroad it's at about the same level as the Bangladeshi currency," continued the user calling himself Nadawi.
Dozens of users piled in with the same accusation that Saudi government is wedded to the riyal-dollar peg for political reasons.
"Your Excellency, the Minister, can you tell us what benefit there is to the citizen from the riyal's secret link [to the dollar]?" another called Abu Mashari wrote.
A user called Faisal answered: "It's because the minister lives in an ivory tower and doesn't live like ordinary people and feel the effects of inflation and the weak currency".
|
