Saudi Arabia

GCC inflation is imported

Inflation rates in trading partners are the main driver of price pressures in Saudi Arabia and Kuwait, finds a new paper from the International Monetary Fund.

Saudi governor confirms GCC currency plan changes

The Gulf Cooperation Council (GCC) looks set to drop its 2010 target for monetary union after the governor of the Saudi Arabian central bank said that it would take longer than two years to establish a common currency.

Gulf reserves set to top $2 trillion

If global oil prices remain high, foreign exchange reserves in the six Gulf Cooperation Council (GCC) countries will exceed $2 trillion by the end of this year.

Saudi must diversify investments, says top bank

The National Commercial Bank, Saudi Arabia's largest state bank, has called on the government to set up a sovereign wealth fund to cut the country's exposure to the greenback. The central bank should also look at de-pegging the riyal from the dollar.

Qatar may not track Fed moves

In comments that throw the future of a currency union in the Gulf in further doubt, the governor of the Qatari central bank has suggested the central bank could deviate from its usual practice of shadowing the Fed's monetary policy decisions.

Turmoil will impact exchange rates - IMF's Kato

The re-pricing of risk taking place as a result of the credit crunch will lead to a rebalancing of currencies and growth in the near future, according to Takatoshi Kato, the deputy managing director of the International Monetary Fund (IMF).

Iran to consider redenomination

The Central Bank of the Islamic Republic of Iran will look into the possibility of knocking three zeros off its rial currency.

Strauss-Kahn and Tosovsky vie for top IMF job

Dominique Strauss-Kahn, the former French finance minister, and Josef Tosovsky, the head of the Financial Stability Institute, are the only two candidates for the top job at the International Monetary Fund (IMF).

Al-Sayari on Saudi banking industry

In this speech, Hamad Saud Al-Sayari, the governor of Saudi Arabian Monetary Agency, says the central bank is currently directing the kingdom's banks towards the adoption of Basel II standard by 1st January 2008.

No policy shift for currency, says UAE governor

Investors expecting the dollar-pegged dirhan to appreciate received a strong message yesterday from the governor of the United Arab Emirates central bank, Sultan Nasser Al Suwedi, who said "We rule out any change for the forseeable future".

SAMA chief says Gulf states to keep pegs

In the run-up to monetary union in 2010 Gulf Arab states are committed to dollar-pegged exchange rates and will need "exceptional efforts" to meet the deadline, the Saudi central bank chief told reporters on Tuesday 3 April.

Possible delays seen in GCC single currency

Gulf Arab states are still working to introduce a single currency by 2010 but this deadline has become tight and a delay is possible, Saudi Arabia's central bank governor told Reuters on Sunday 11 March.

GCC chiefs to meet in April - report

Governors of Gulf Arab central banks will meet on April 3 and 4 in Saudi Arabia to discuss plans for monetary union and other issues, an official at the United Arab Emirates central bank was quoted Tuesday 20 February by Reuters.

SAMA's Al-Sayari on Islamic banking

In the speech 'Islamic banking prudential standards' given on 15 February Hamad Al-Sayari of the Saudi Arabian Monetary Agency said Basel and other standards have helped create an appropriate environment for banking business which supports competition.

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