Saudi Arabia's central bank warned the country's banks against increasing speculations on the devaluation of the national currency.
Several bankers said on Wednesday they were told not to conduct derivatives trading to minimize the pressure on the riyal, the newspaper reported, citing Reuters.
According to the news agency, the move proved to be successful in supporting the national currency. A key currency indicator in Saudi Arabia — riyal forward points — decreased to 690 points on Wednesday from a record 1,020 points last week.
Last week, oil prices dropped below $30 a barrel the first time in 12 years. Speculators argue that the country will soon have to change the exchange rate between the riyal and the dollar if the situation does not improve.
