#Saudi Central Bank Governor Is Replaced With His Predecessor - Bloomberg

Saudi Central Bank Governor Is Replaced With His Predecessor - Bloomberg

Saudi Arabia replaced its central bank governor on Sunday night and named his predecessor to replace him.

In a series of royal orders published on Sunday, Ahmed Alkholifey was removed from his position heading the monetary authority. Fahad Al-Mubarak, who was central bank governor from 2011 to 2016, was appointed to take his place.

Al-Mubarak had most recently been a minister of state and the kingdom’s sherpa for the Group of 20 industrialized economies. Alkholifey was simultaneously appointed an adviser to the royal court.

Saudi Arabia’s central bank has been one of the key vehicles for providing stimulus to the economy as the coronavirus pandemic and low oil prices hobble the private sector. The monetary authority has extended over 100 billion riyals ($27 billion) to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.