Saudi Vice Minister of Defense Visits CENTCOM Headquarters    Saudi Minister of Education Meets with CEO of British Cultural Council    Russian diplomat resigns, says he's never been so ashamed of his country    SDAIA: Autonomous vehicles will be commercially available in world by 2030    Sheikh Al-Muajab meets with head of Eurojust Agency in The Hague    Ma'aden Enters Forbes 2000 List of World's Largest Public Companies    Misk Foundation Inaugurates Youth Council at the World Economic Forum    Tea Day event at Madinah university highlights diversity of traditions, cultural heritage    Sheikh Dr. Al Al-Sheikh, Sundberg call for spreading tolerance and dialogue    WEF unveils virtual global collaboration village as future of strong public-private cooperation    Prince Mohammed Bin Salman Nonprofit City appoints Dalkia EDF Group to implement sustainable solutions    Saudi minister: OPEC+ would increase production 'if demand is there'    Saudi student clubs in US hold graduation ceremony    MoH reveals information about monkeypox and ways to reduce its spread    Australia's new PM sworn in ahead of Quad meeting    UNHCR: Record 100 million people forcibly displaced worldwide    Manchester City clinches Premier League title on dramatic final day    How Syrian singer Rasha Rizk dazzled millennials at Jeddah Season?    King Salman Park begins construction on its Royal Arts Complex    Shoura members propose equal blood money for men and women, Muslim and non-Muslim    AMAALA Reveals Iconic New Yacht Club Designs    Arab League Renews Commitment to Enhancing Arab-African Cooperation    KSrelief Signs Agreement to Implement First Phase of Rehabilitating New Building of Mecca Medicine Eye Hospital in Omdurman, Sudan    KSrelief's Masam Project Dismantles 1,339 Mines within a Week in Yemen    British Investors Express Interest in Investing in Saudi Arabia's Food, Drug Market    Asian Shares Mixed    7 Die in Philippine Ferry Fire; over 120 Rescued from Water    Weather Forecast for Monday    Ithra Participates in Cannes Film Festival with New Films to Support Saudi Talents    Exclusive launching of Michael Schumacher Digital Experience at Jeddah F1 Grand Prix    MoH allows 6 categories to receive second booster dose    Mbappé signs new 3-year PSG deal after rejecting Real Madrid    Junaid, Tusif, Ashfaq, Rizwan, Furqan excel Butt Sport to clash with Center System Group in Ace Travel Saudi Cup final    Saudi Aramco: London Championship to Witness Participation of World's Best Female Golfers    Saudi woman finds out she is male after 20 years    Saudi Arabia Heads to Cannes International Film Festival to Promote Country's Flourishing Industry and Support Emerging Talent on World Stage    President of SAFF Participates in AFC General Assembly Meeting    Saudi Athletes Achieve Great Victories in the 2nd Day of the GCC Games Tournament in Kuwait    Jazan Hosts West Asian Beach Soccer Championship    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Inflation to fall further – SAMA
Published in The Saudi Gazette on 01 - 09 - 2009

Saudi Arabia's inflation rate is expected to keep falling after it reached a two-year low of 4.2 percent in July 2009, the central bank governor said.
Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), said the falling inflation rate will provide better opportunities for further growth and financial stability. The inflation rate had hit an all-time high of 11.1 percent in July 2008.
Al-Jasser's remarks were contained in a speech delivered Sunday evening on the occasion of presenting SAMA's 45th annual report to King Abdullah, Custodian of the Two Holy Mosques.
The event was attended by Ibrahim Al-Assaf, Minister of Finance; Muhammad Al-Fadl, board chairman of the Saudi Chambers and also the Chamber of Commerce and Industry in Jeddah; and senior SAMA officials.
Al-Fadl in his speech lauded the King for his support to the private sector and for his “wise directives” which “have had the greatest impact” on the Council of Saudi Chambers “for playing an active role in the formulation of policies and decisions” by the State's agencies concerned with the economy.
Al-Jasser said the national economy continued its strong growth in 2008 for the sixth consecutive year.
Highlighting the main points of Saudi Arabia's economic performance in 2008, the governor said real Gross Domestic Product (GDP) increased by 4.5 percent and the private sector grew by 4.7 percent.
The year also saw Saudi Arabia achieving a surplus in general finance for the sixth consecutive year, amounting to 33 percent of the GDP – the largest in the country's history.
“Balance of payments registered a surplus for the tenth successive year amounting to 28.6 percent of GDP,” Al-Jasser said.
The governor said that sharp fluctuations in the price of oil during the first half of 2009 must prompt the Kingdom to diversify its revenue sources further. “It is a must to continue diversifying the sources of revenue and reduce reliance on oil ... by further granting the private sector a bigger role in the national economy,” Jasser said, citing the fluctuations in the price of oil, now trading at about half its record $147 price per barrel of July 2008.
The investment environment in the Kingdom has improved, Al-Jasser said, noting that Saudi Arabia is now ranked 16th among 181 countries in terms of competitive environment, business performance and investment, according to the 2009 “Doing Business” report issued by International Finance Corporation (IFC), a World Bank affiliate.

Clic here to read the story from its source.