Wednesday, December 19, 2007

Clerics Tell Saudi Ruler to Curb Inflation

From The Telegraph:

A Group of Saudi Arabia Muslim clerics has issued a rare warning to the ruling government that it must take action to curb rising inflation, blaming Riyadh's pegging of the riyal to the US dollar.

A near five-fold increase in oil prices over the past five years has helped the government log large budget surpluses, but Saudis are feeling the pinch from a surge in prices of basic foods in recent months mainly due to a fall in the US dollar.

..."We direct this message to the rulers and officials: we remind you of Prophet Mohammad's words that you are shepherds who are responsible for your flock," the group of 19 well-known clerics, including Nasser al-Omar, said in a statement....MORE