Saudi Arabia is adopting a monetary policy that is more stable than that of advanced economies given its massive local currency reserves, the Gulf Kingdom's largest bank has said.
National Commercial Bank (NCB) said a surge in foreign assets because of strong oil prices has turned Saudi Arabia into a major net creditor with the world's highest foreign reserves after China and Japan.
'It is no wonder these days that monetary policy in Saudi Arabia is exhibiting a high degree of stability and predictability compared to advanced economies that are still deliberating over another round of quantitative easing in a fiscally tight environment,' NCB said in a study sent to Emirates 24|7."
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