Saudi Investments, in US, Enjoy Sovereign Immunity; No Intention to End SR Pegging to the Greenback, Changing Exchange Rate, either -Saudi Central Banker Announces

The Governor of the Saudi Arabian Monetary Agency (SAMA), or the central bank, Dr. Ahmed bin Abdul Karim Al-Khulaifi stressed that there is no worries over the law "JASTA" on Saudi investments, in the United States, as they enjoy sovereign immunity and there is no call, too, to worry about it, reassuring that there is no intention to end pegging of the national currency, the Saudi Riyal to the Dollar or to change the rate of exchange, either.
During a press conference held here today on the occasion of the second session of submitting the annual report of the SAMA, on the most prominent domestic and global economic developments, monetary and banking developments, the balance of payments, and the latest developments in the sector, covering the fiscal year 2015, in addition to the external and public finance and oil sectors, and non-oil including developments activities insurance and finance and financial market, as well as a series of public finance statistics, oil, monetary statistics, banking, and real sector statistics.
Khulaifi indicated that the national economy continued to grow positively in 2015, as it increased according to data of real GDP, by 3.5 percent however that economic growth was influenced by the oil market, developments in the global economy and the atmosphere in the region; therefore the Kingdom's economy grew in the first half of this Year by 1.5 percent compared to the corresponding period of the previous year.
According to latest data released by the General Administration of Statistics, the data of inflation fell in the month of September this Year to 3 percent, compared to a rate of 4.3 percent, at beginning of the year (January 2016), pointing out the continued contribution of monetary and banking sector in the economic movement through providing adequate liquidity to fund activities in the economy, as banks continued to provide modern and comprehensive banking and financial services, in various cities and regions of the Kingdom, he stated.
Dr Khulaifi spotlighted bright future which will put the Kingdom, through a new development track, which identified the objectives of Vision 2030 and the National Program of transformation, and the economic concrete impact through the diversification of the national economy, raise of the value of the assets of the Public Investment Fund, increasing the contribution of the private sector, increased foreign direct investment, reducing the unemployment rate, raising the contribution of small and medium enterprises, as well as raising the proportion of women's participation in the labor market, and enhancing efficiency and balance in public spending, by increasing non-oil revenues, and raising the proportion of household savings to the total income." he concluded.