Sayyari reiterated that Saudi Arabia has no plans to change its exchange rate policy or dislodge the association between its national currency "the Riyal" and the U.S. dollar. Some believe that a cool relation in the monetary policy for the Riyal and U.S. dollar exists, but on the contrary, there is a good room for movement, he said, adding that the monetary policy in the Kingdom was subject to the requirements of the domestic economy. In a World Bank's latest assessment, Saudi Arabia ranked 23rd out of 178 countries in terms of investment environment, Al-Sayyari said. He denied reports that the Kingdom is planning to reduce interest rates, citing the increase of money flow in the Kingdom. He said the relation with the dollar is not an intimate relation but of interest. On the surplus of current account of the Kingdom, he said this results from exporting part of oil reserves i.e. exchanging assets by other assets. In response to a question, he said work to set up the Development Bank is currently under way, attributing the delay of announcing the financial facility to matters relating to pressure of demand on skilled labor force in the banking field.
