Saudi Arabia
Saudi fund leaves $3bn in Pakistan’s central bank for another year
Deposit accounts for around a fifth of SBP’s dollar reserves
Sama enables Google Pay, to launch Alipay+ by 2026
Saudi central bank expands payment system to global players in digitalisation drive
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
Brics leaders push for multilateral payments solutions
Central bank governors and finance ministers also call for reform of Bretton Woods institutions
EMs resilient to US monetary spillovers, panellists say
Turkish and Thai governors discuss policy challenges at IMF conference in Saudi Arabia
GCC central banks follow Fed by reducing rates
Saudi Arabia, UAE and Bahrain opt for 25bp cuts, while Qatar loosens by 30bp
Central bankers reflect on wins and challenges of mBridge
Multi-CBDC project’s transaction value has grown, but regulatory and operational issues remain
Malaysia is latest country to seek Brics membership
However, uncertainty remains over whether Saudi Arabia will join emerging economies bloc
Clash between Yemen’s central banks escalates
Rival central banks issue retaliatory bans on transacting with financial institutions
Digital payments in Saudi Arabia rise to 70% of retail transactions
Transactions processed through national payment systems hit 10.8 billion
China and Saudi Arabia set up currency swap line
Three-year swap line will provide liquidity to both sides of up to $6.98 billion
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
Tennis stars launch volley against Saudi SWF
PIF has talks with head of ATP tour on joint projects after golf merger
Saudi SWF merges golf outfit with US rival
PIF ends legal disputes and becomes a leading power in the sport
Saudi Arabia in talks to join Brics bank
Gulf state would join as Shanghai-based lender increases non-dollar operations
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