Saudi Arabia Said to Order Halt of Local Riyal Forward Options

From bloomberg.com

Saudi Arabian banks are under orders to stop selling currency products that allow investors to make cheap bets on a devaluation of the riyal, according to five people with knowledge of the matter. The Saudi Arabian Monetary Agency told banks not to sell options contracts on riyal forwards at a meeting in Riyadh on Jan 18., the people said, asking not to be identified as the information is private. The directive applies to local banks and the Saudi branches of international banks, the people said. Traders are betting that a slump in the oil price and slowdown in economic growth will cause Saudi Arabia to abandon its ... (full story)