Dollar peg 'serving us well,' says Saudi central bank governor

Saudi Arabia's central bank governor said on Thursday that the US dollar is still the dominant global reserve currency and it was serving Saudi Arabia well as a currency peg.

"Until a major competitor comes to the fore and provides an alternative, I do not expect the dollar to lose its role in the global financial system," he said. "As long as it is serving us well, if it ain't broken why fix it?" Muhammed al-Jasser told reporters at an Islamic Financial Services Board conference held in Singapore.

The central bank governor said its monetary policy was at the appropriate level given the country's economic conditions.