The most recent fall in oil prices has also raised questions once again about the stability of their currencies. The government posted a modest current account surplus in the third quarter of 2016, its first in two years. These factors, coupled with the changes already made to government spending and revenue, suggest the Saudi authorities are determined to maintain the country’s dollar peg. Along with Saudi Arabia, several other Gulf Cooperation Council (GCC) countries have been running current account deficits, including Bahrain, Oman and Qatar. Of these, Oman is in the weakest position, with the highest current account deficit among GCC states last year.

Source: Forbes March 24, 2017 13:07 UTC