Ebru News | US dollar holding strong as world's key foreign reserve currency

US dollar holding strong as world's key foreign reserve currency

The Saudi central bank chief says he believes the U.S. dollar will remain the world's key foreign reserve currency, offering the endorsement at a meeting of business leaders taking stock of the global financial crisis.

Participants at the Jeddah Economic Forum Sunday also discussed the growing role of emerging market economies in helping steer the world through its worst recession in over six decades.

"The dollar is still pre-eminent in its role as a reserve currency," said Mohammed al-Jasser, governor of the Saudi Arabian Monetary Agency. Even so, as an official reserve currency, the "euro is gaining ground," he told the conference in the Saudi commercial hub of Jeddah.