SAMA Governor stresses soundness of Saudi monetary policy

January 4, 2010

Saudi Arabian Monetary Agency (SAMA) Governor Dr. Mohammad Al-Jasir highlighted the soundness of Saudi monetary policy during a speech to businessmen in Riyadh today. Due to the policies implemented by the country’s leadership, he said, the Saudi economy avoided the dangers of the world financial crisis and its consequences. Dr. Al-Jasir noted that in 2009 gross domestic product registered a positive growth rate of 0.15%. He added that the government managed to increase actual spending in 2009 by 5.7% compared to 2008, despite the decrease of total revenues in 2009 by more than 54%. Commenting on the Saudi riyal’s peg to the U.S. dollar, Dr. Al-Jasir highlighted the benefits of the policy, stressing that it was based on solid economic reasoning.