(Bloomberg) — Saudi Arabia replaced its central bank governor on Sunday night and named his predecessor to replace him.In a series of royal orders published on Sunday, Ahmed Alkholifey was removed from his position heading the monetary authority. Fahad Al-Mubarak, who was central bank governor from 2011 to 2016, was appointed to take his place.Al-Mubarak had most recently been a minister of state and the kingdom’s sherpa for the Group of 20 industrialized economies. Alkholifey was simultaneously appointed an adviser to the royal court.Saudi Arabia’s central bank has been one of the key vehicles for providing stimulus to the economy as the coronavirus pandemic and low oil prices hobble the private sector. The monetary authority has extended over 100 billion riyals ($27 billion) to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.What Bloomberg Economics Says…“As the governor of a central bank with a pegged currency, the role isn’t the classic one of setting interest rates. The importance of the post is in being the custodian of the country’s foreign exchange reserves.”– Ziad Daoud, chief emerging-markets economistSaudi Arabia pegs its currency to the dollar and tends to move in lockstep with the U.S. Federal Reserve. However the central bank controls the kingdom’s reserves, which are among the largest in the world at 1.7 trillion riyals.The central bank updated its mandate late last year to include supporting economic growth as one of its prime objectives, formally changing its fundamental operating principles for the first time in more than 60 years.(Corrects currency conversion in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- ^ Saudi Central Bank Head Replaced With His Predecessor (au.finance.yahoo.com)
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