Alula: Governor of the Saudi Central Bank (SAMA) Ayman Al-Sayari affirmed that maintaining the peg of the Saudi riyal to the US dollar, supported by substantial foreign exchange reserves, has contributed to preserving domestic price stability. He noted that average annual inflation in the Kingdom has remained below 3% over the past five years.
According to Saudi Press Agency, this statement was made during Al-Sayari's participation in a panel session titled 'Implications of Global Uncertainty for the International Monetary and Financial Systems' at the AlUla Conference for Emerging Market Economies 2026. The conference was hosted in AlUla in partnership between the Ministry of Finance and the International Monetary Fund, attracting economic decision-makers, finance ministers, central bank governors, and global experts.
Al-Sayari indicated that rising global uncertainty is now a structural phenomenon, influenced by geopolitical fragmentation, rapid technological changes, commodity price volatility, and the growth of non-bank financial intermediation, which now accounts for over 50% of global financial assets. He identified geopolitical tensions, trade fragmentation, and high debt levels as significant challenges for policymakers in emerging markets.
He highlighted that Saudi Arabia's experience demonstrates the importance of maintaining adequate reserves and well-integrated monetary and fiscal policies to ensure monetary and financial stability. He emphasized that to enhance effective cross-border cooperation, policymakers should focus on improving data-driven supervisory reporting, reinforcing unified standards, ensuring interoperability with emerging technologies, and accelerating the exchange of knowledge among regulatory authorities.