Reuters: US Dollar Report: Saudi Fin Min: no reason to change 2012 growth f'cast-TV

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Saudi Fin Min: no reason to change 2012 growth f'cast-TV Aug 7th 2012, 13:11 DUBAI | Tue Aug 7, 2012 9:11am EDT DUBAI Aug 7 (Reuters) - Saudi Arabia's government has no reason to change its 2012 economic growth forecast of 5.9 percent, and its exchange rate policy is suitable and reflects the riyal currency's real value, Finance Minister Ibrahim Alassaf said on Tuesday. "We do not see any reason that (growth) estimates for the rest of the year should change," he told Al Arabiya television. "The current exchange rate policy in the kingdom is a suitable one because it encourages growth of the financial sector, trade and investment. The current exchange rate reflects the real value of the riyal." The world's top crude oil exporter pegs its riyal at 3.75 to the U.S. dollar. Private analysts polled by Reuters in July forecast the kingdom's hydrocarbon-reliant economy would expand by 5.2 percent this year, less than a revised 7.1 percent posted in 2011 due to a global economic slowdown.

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