Home Saudi Arabia’s central bank faces biggest overhaul in decades
Saudi Arabia’s central bank faces biggest overhaul in decades
More of country’s petrodollar wealth likely to be used to back Mohammed bin Salman’s grandiose plans
World Economy News
9 Feb 2021 • 3 min read
Saudi Arabia’s central bank is set for its most significant changes in decades as a new law comes into force this month that analysts say will formalise Crown Prince Mohammed bin Salman’s efforts to divert more of the kingdom’s oil wealth to back his grandiose investment plans.
The reforms in which supporting economic growth will become part of the Saudi Arabian Monetary Authority’s mandate and the bank reports directly to the king could diminish its role of investing the nation’s hard currency surpluses in favour of the sovereign wealth fund chaired by the crown prince, analysts say.