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Currency union plan on track: Al-Jasser

Currency union plan on track: Al-Jasser
28 May
E-Media:
Jeddah– Saudi Arabia is proceeding with its plan for the GCC monetary union expected to be implemented in 2010, Governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Mohammad Bin
Sulaiman Al-Jasser said yesterday, Saudi Press Agency quoted.
His remarks came during a meeting at the gathering of businessmen in the Jeddah Chamber of Commerce and Industry.
The central bank governor highlighted the success of the Saudi monetary policy, saying the Saudi economy’s most prominent goal is to decrease dependence on oil as a main income resource.
He added that the Kingdom succeeded in lowering the percentage of the public debt from 100% in 1999 to less than 15% at the present time.
Al-Jasser said the financial reserves of the Kingdom were still high and stressed that SAMA’s investments abroad have not been affected by the global financial crisis.
He rejected the idea of ending the peg of the Saudi riyal to the US dollar saying the peg serves the Kingdom well.

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