Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Inflation will go down: Al-Jasser
By Fahd Al-Dhiyabi
Published in The Saudi Gazette on 27 - 09 - 2010

Jasser, Governor of the Saudi Arabian Monetary Agency, sounded optimistic that inflation in the Kingdom would go down in the coming months.
Inflation surged to 6.1 percent year-on-year in August and sparked a chorus of complaints from consumers, especially over higher food prices.
“I think also it is premature to make conclusions this early on the trajectory of inflation,” Al-Jasser said at a news conference here Sunday.
He said “seasonality” – a reference to the big spending on food that takes place during the holy month of Ramadan, which ended on Sept. 9 – was a component in the jump in prices.
He also said the sharp rise worldwide in key food commodity prices such as wheat had been an important cause in the surge of prices. Nevertheless, he said, SAMA and other government departments have been “very active” in coordinating over fiscal policy to keep a rein on inflation.
The SAMA chief said Saudi economy has contributed to the global economic recovery and stressed that it was not a burden on the world economy.
A day after SAMA's 46th annual report was released, Al-Jasser said the national economy registered only a 0.6-percent slowdown in the GDP growth during the past year despite a 53 percent drop in government revenues and an 83 percent decline in the balance of payments.
Al-Jasser stressed that the banking sector has never needed government bailouts, as was the case for banks in some countries. Saudi banks have sufficient solvency, he added, which was confirmed by a five percent rise in lending to the private sector.
Al-Jasser said the Kingdom's cash reserves, which exceed $460 billion, are not a surplus, but an indication of the economy's strength. The Kingdom must benefit from its reserves through a wise, well-studied approach, he added.
Addressing a question by Okaz/Saudi Gazette, Al-Jasser denied any relationship between SAMA and rises or decreases in interest rates on personal loans. He stressed that the banking market determines interest rates.
In expressing support for small and medium enterprises, which make significant contributions to the national economy, Al-Jasser said he held a meeting Saturday with the chairmen of the boards of directors of banks to discuss the subject and positive results would be issued in the future.
Al-Jasser advised young businessmen to take a positive approach to small and medium-sized companies so their sectors can grow.


Clic here to read the story from its source.