Saudi Arabia
GCC common monetary council expected
The GCC has said it is likely to set up a common monetary council in the Gulf by the end of this year.
IMF's Rato welcomes GCC monetary union progress
Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), gave a statement on Tuesday 18 October following a meeting in Jeddah, Saudi Arabia, with the finance ministers and central bank governors of the six-nation Gulf Cooperation…
Tanigaki sees oil 'biggest' worry for world econ
Surging oil prices are the biggest worry for the world economy and the Group of 20 rich and developing countries is set to discuss the issue, Japanese Finance Minister Sadakazu Tanigaki said on Friday 14 October.
IMF's Rato announces travel plans
IMF Managing Director Rodrigo de Rato announced his intention to travel to China, Pakistan, Saudi Arabia and Belgium from 14-20 October.
High time for a single GCC currency
This article published on Thursday 29 September notes that there has been a fair amount of scepticism towards the proposed Gulf single currency, and says that for the currency union to be effective, there will need to be a single independent central bank…
ECB advice sought by Gulf Arab states
A senior official at the GCC said on Thursday 15 September that Gulf Arab states will seek help from the European Central Bank in establishing a monetary authority to oversee their planned single currency.
G20 will include IMF, World Bank reform talks
The agenda for October's meeting of the Group of 20 finance ministers and central bank chiefs will include reform of the IMF and World Bank, deputy finance minister Li Yong told the official Xinhua news agency.
Dollar peg seen as key to Gulf 'euro'
Six leading Arab economies, including Saudi Arabia, may reconsider pegging their currencies to the dollar, under their plans for a "euro-style" Arab single currency in the region.
GCC central bankers to meet on monetary union
Central bankers in the six-member of Gulf Cooperation Council (GCC) are set to meet in Saudi Arabia this Saturday, 19 March, on monetary union, the Arab News daily reported Wednesday 16 March.
SAMA chief sees greater role for euro
The head of the Saudi Arabian Monetary Authority said that although he didn't see any new shift in world currency reserves from dollars to euros, he expected the single currency to have a greater role in the future in terms of international reserves.
SAMA awards ATM contract
CyberGuard Corporation, a technology leader in network security, announced Thursday that the Saudi Arabian Monetary Agency (SAMA) has selected CyberGuard's premium firewall/VPN appliances to provide the information security for a new ATM network.
Saudi Arabia scraps euro foreign reserves policy
Saudi Arabia has abandoned its policy of diversifying foreign reserves into euros, deeming the eurozone unfit to manage a major world reserve currency.
SAMA: Saudi economy must pursue reforms
The governor of the Saudi Arabian Monetary Agency has warned that the country should develop mechanisms to reduce public debt, MENAFN said, which is estimated at more than $173 billion.
SAMA monthly report, March 2003
REPORT - Latest indicators on monetary aggregates, banking sector, official reserves, exchange rates, payments and prices up to January 2003 for Saudi Arabia in SAMA's monthly report, released today.
SAMA warns of attempts to forge Saudi riyal notes
SAUDI ARABIA - The Saudi Arabian Monetary Agency (SAMA) has cautioned the public against attempts by some gangs to forge Saudi currency notes. It said the central bank, with the help of law enforcement agencies, has taken added security measures to…
Saudi Arabia urged to speed up economic reform
SAUDI ARABIA - The International Monetary Fund has called for the acceleration of economic reforms in Saudi Arabia, warning that inaction would swell an already large public debt, put pressure on public finances and discourage investment.
GCC seeks EU help in monetary union
SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the…
Gulf bank governors meet today in al-Riyadh
SAUDI ARABIA - The governors of monetary establishments and central bank in the Gulf Cooperation Council (GCC) states today discuss in Riyadh necessary criterion to provide a success for the monetary federation among their respective states.
Dollar falls as Saudi investors withdraw billions
SAUDI ARABIA - The dollar today fell from recent highs against the euro and yen following a report that Saudi investors were pulling billions of dollars out of the US.
Saudi computerised supervision of bank systems
SAUDI ARABIA - The KSA Today newspaper reported details of the Central Bank plan to operate a computerized control network of the activities of the ATM systems in the country.
Saudi computerised supervision of bank systems
SAUDI ARABIA - The KSA Today newspaper reported details of the Central Bank plan to operate a computerized control network of the activities of the ATM systems in the country.
Gulf to make dollar peg to monetary union-report
BAHRAIN - Members of the Gulf Cooperation Council have agreed to adopt the U.S. dollar as the sole peg for a proposed single currency for the group, senior GCC official said in remarks published by Bahraini newspapers on Apr 22.
Qatar comes to defence of Lebanese pound with $60m
LEBANON - Qatar joined a Gulf Arab consortium in defending the Lebanese pound by pledging to deposit $60 million with Banque du Liban, local newspapers said on Apr 18.
Oman $50 million boost for Lebanese cbank reserves
LEBANON - Oman deposited $50 million with Lebanon's central bank on Apr 6 to boost foreign currency reserves and to express its support for the government's economic measures, reported the local Daily Star newspaper.