ALULA — Saudi Central Bank (SAMA) Governor Ayman Al Sayyari asserted that maintaining the Saudi riyal’s peg to the US dollar, supported by large foreign exchange reserves, is contributing to maintaining domestic price stability.
“Over the past five years, Saudi Arabia’s average annual inflation rate has remained below 3%,” he said, speaking at a panel session entitled “The impact of global uncertainty on the international monetary and financial system” at the 2026 AlUla Emerging Markets Economics Conference in AlUla on Monday.
Al-Sayali said increased global uncertainty is a structural rather than cyclical phenomenon, driven by geopolitical fragmentation, rapid technological change, commodity price volatility, and the expansion of non-bank financial intermediation, which now accounts for more than 50% of total global financial assets. He noted that geopolitical tensions, trade fragmentation and rising debt levels are among the most prominent and influential challenges facing policymakers in emerging market countries.
Mr. Al-Sayali said Saudi Arabia’s experience highlights the importance of maintaining adequate foreign exchange reserves and a well-integrated monetary and fiscal policy framework to safeguard monetary and financial stability.
“To strengthen effective cross-border cooperation, policymakers should prioritize improving the quality of data-driven supervisory reporting, strengthening uniform standards, ensuring interoperability when adopting emerging technologies with care, and accelerating the exchange of knowledge and expertise among regulators,” he said.
The conference is hosted by the Ministry of Finance in partnership with the International Monetary Fund and features high-level participation by economic policymakers, finance ministers, central bank governors, leaders of international financial institutions, and a group of global experts and experts.
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