Figure 1511 Alt Text for Figure 15

question 46

Essay

Figure 15.11 Alt text for Figure 15.11: In figure 15.11, a graph illustrates the quantity of riyal traded against the exchange rate.
Long description for Figure 15.11: The x-axis is labelled, quantity of riyal traded in millions per day.The y-axis is labelled, exchange rate, dollar against the riyal.Supply curve S is a straight line which slopes up from the bottom right corner to the top left corner.Demand curve D is a straight line which slopes down from the top left corner to the bottom right corner.Curves S and D intersect at point (80, $0.27).The point (60, $0.35)is plotted near the top of curve D.The point (130, $0.35)is plotted near the top of curve S.All points are connected to their corresponding values on the x and y-axes with dotted lines.
-Refer to Figure 15.11.According to the graph, is there a surplus or shortage of Saudi Arabian riyal in exchange for Canadian dollars? To maintain the pegged exchange rate, will the Saudi central bank need to buy riyal in exchange for dollars or sell riyal in exchange for dollars? How many riyal will the Saudi central bank need to buy or sell?

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