Saudi Arabia
People: January to March 2023
A round-up of central bankers in the news and on the move during the past three months
Saudi Arabia gives Turkish central bank $5 billion
Turkish government moves to protect workers from firing in aftermath of earthquake
Court rules golf tour organisers can sue Saudi sovereign fund
PGA Tour and Saudi-sponsored rival pursue dueling lawsuits in US court
Saudi Arabia appoints new governor
Alsayari is promoted from vice-governor while Almubarak moves to royal court
Saudi Central Bank consults on draft banking law
Law’s goals include “enhancing banking secrecy” and improving depositor protection
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
Kuwait breaks pattern by holding rates after Fed hike
Five other Gulf states, including Saudi Arabia and UAE, raised policy rates to match Fed
Saudi sovereign wealth fund issues first bonds
Public Investment Fund markets $3 billion in “green bonds” for climate investments
People: new climate risk officer at OCC, Sama hires CBDC head, and more
Saudi Central Bank names CBDC director; Dominican Republic and Tunisia announce senior hires
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Gulf central banks increase rates in line with Fed
Five banks raise rates 75bp, while Kuwait orders 25bp increase due to different currency peg
People: Saudi Central Bank appoints two vice-governors
BIS names heads of key committees; senior officials quit US Office of the Comptroller of the Currency
Gulf central banks raise rates after Fed hike
Qatar, UAE and Bahrain make 75bp hikes, while Kuwait raises by 25bp and Saudi 50bp
Saudi monarch names first woman to Sama board
Sheila Alrowaily named as one of three new non-executive directors
Saudi sovereign wealth fund sets up national coffee company
Coffee venture is part of national diversification plan
Saudi Arabia deposits $5 billion in Egypt’s central bank
Egypt agrees investment from Qatar and UAE, and seeks funding from IMF as wheat prices rise
Central Banking Awards 2022: final winners unveiled
Prizes for Central bank of the year, Lifetime achievement, Transparency, Economics and more
Technology services: SAP
The software company pulled off a high-stakes ‘big-bang’ launch of a new core banking system for the Saudi Central Bank
Payment services: CMA
Swedish payments firm is now key player in new payment system linking the Arab world and beyond
Central banks follow Fed with rate hikes
Several central banks have raised their policy rates in response to the Federal Reserve hike
Saudi sovereign wealth fund gets first-ever credit rating
Public Investment Fund prepares for bond issues and lending initiatives
Yemeni governor sacked as crisis worsens
Deputy governor also dismissed in fourth sacking since civil war began
Saudi Arabia gives $3 billion to Egyptian central bank
Donation is pandemic aid, and follows similar deposit with Pakistan central bank
Report accuses Georgieva of changing data under Chinese pressure
IMF head rejects allegations made by World Bank-commissioned independent report