Economics
Saudi Arabia Broadens Central Bank’s Mandate to Promote Growth
- Central bank now reports to king, according to new mandate
- Change meant to help steer growth, reflect new types of risk
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The Saudi Central Bank updated its mandate 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, Vice-Governor Ayman Alsayari said.
“Including support of economic growth as an explicit element in the central bank’s mandate is meant to cover evolving variables such as financial innovation, which has the potential to foster economic growth if steered in the appropriate direction,” Alsayari said in a written response to questions from Bloomberg on Thursday.