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Page added on May 7, 2016
Saudi Replaces Central Bank Governor in Major Reorganization
Saudi Arabia appointed Ahmed AlKholifey as central bank governor, replacing Fahad Al Mubarak as part of a government reorganization, the official Saudi Press Agency reported.
AlKholifey, named to the role in a royal order from King Salman, was previously deputy governor for research and international affairs at the central bank, the Saudi Arabian Monetary Agency.
The announcement comes as the world’s biggest crude producer reorganizes ministries to “focus and clarify responsibilities and ease procedures to offer better services,” Saudi Press Agency reported. Changes include replacing longstanding oil minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, with Khalid Al-Falih, chairman of the Saudi Arabian Oil Co.
Al Mubarak was named central bank governor in 2011 and was previously chairman and managing director of Morgan Stanley Saudi Arabia. He oversaw Saudi monetary policy during a period of stress as the oil price slump depleted the government’s main source of revenue, led to a budget deficit of nearly $100 billion last year and ate away at the kingdom’s currency reserves, still among the largest in the world.
The governor had repeatedly reiterated Saudi Arabia’s commitment to pegging its currency to the dollar as the central bank’s net foreign assets declined by $115 billion last year. Twelve-month forward contracts for the Saudi riyal hit their highest level in two decades in January, reflecting growing bets by traders that the kingdom would allow its currency to weaken, though the speculation has since subsided.
Deputy Crown Prince Mohammed bin Salman announced a comprehensive blueprint to prepare the world’s largest oil exporter for the post-oil era last month, dubbed “Saudi Vision 2030.” Plans include selling shares in state giant Saudi Arabian Oil Co., known as Aramco, and creating the world’s largest sovereign wealth fund.
9 Comments on "Saudi Replaces Central Bank Governor in Major Reorganization"
Apneaman on Sat, 7th May 2016 8:16 pm
Who’s got a match?
“Why not just light a match to the fossil fuels and we can be done? Because we have to bring the fuels up where they can mix with oxygen and that takes complexity. Channel fuel into complex tools so we can access more fuel so we can build more tools……… Humans – the RNA (complexity agent) at the fossil fuel scale.”
“The plants and animals that are fed into these processes are not even “real” or “natural” things any longer, but developed, bred and genetically engineered specimens captive to the all-consuming cancer.
It is fascinating to observe that there still exist populations that live within nature even though possessing primitive tools that resemble technological humans in every aspect except they haven’t converted to systematic cancerous growth. So why have some humans gone completely rogue, cancerous, while others have remained relatively benign?”
http://megacancer.com/2016/05/07/whos-got-a-match/
Apneaman on Sat, 7th May 2016 8:17 pm
Could the oil sands catch fire?
What if the wildfires raging in Fort McMurray hit the oil sands?
http://www.macleans.ca/news/canada/could-the-oil-sands-catch-fire/
makati1 on Sat, 7th May 2016 8:37 pm
More deck chairs being rearranged as the KSA Titanic sinks…
Truth Has A Liberal Bias on Sat, 7th May 2016 9:53 pm
Saudi Arabia is in turmoil. The elites are faced with a diminishing source of riches. There’ll be a nasty little fight over who gets to stay rich and who gets to go look for a real job.
Survivalist on Sat, 7th May 2016 11:10 pm
https://medium.com/insurge-intelligence/defence-industry-poised-for-billion-dollar-profits-from-global-riot-contagion-8fa38829348c#.tff8r0a6i
“The combination of intensifying conflict, terrorism, and civil unrest will lead to rocketing demand for riot control systems over the next 5 years led by Germany, Russia, France, Poland, Saudi Arabia, Turkey, the UAE, Iran, and South African countries.”
makati1 on Sat, 7th May 2016 11:14 pm
The main consumer of riot gear will be America, Survivalist. I don’t think the other countries you listed will have as much trouble after the US collapse’ and is unable to meddle.
Survivalist on Sat, 7th May 2016 11:43 pm
I didn’t list them. It’s a quote from the article. That’s why it’s in quotation marks. Duh.
joe on Sun, 8th May 2016 8:01 am
Looks like the old guard are being shown the door. Their grandkids will ride camels again.
makati1 on Sun, 8th May 2016 8:51 am
Survive, maybe you should clarify your comment with a denial or agreement with the quote? I assumed agreement.