These measures have helped the banking system to remain profitable and well-capitalized" ("2009 Article IV," IMF, 2009). This indicates that Saudi Arabia views low levels of speculation to be salutary for its own financial status, which is dependant upon economic growth and a high, steady worldwide demand for oil.

The main area of contention between Saudi Arabia and the IMF has been its undervaluation of its currency, the riyal, which it only recently agreed to peg to the U.S. dollar. This is also keeping with the IMF's policy on a free flow of capital: "The IMF has also generally opposed capital controls, which can help governments stem the loss of reserves, currency crashes, and other problems associated with large capital outflows" (Weisbrot 2009, p.1).

Another criticism of the IMF is how its proportion of voting shares are allocated: the U.S. currently has 16.5%, while high oil producing nations, including Saudi...
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