|
Showing 1 - 1 of
1 matches in All Departments
This book sheds new light on the critical importance of the Saudi
Arabian Monetary Agency (SAMA), a remarkably successful central
bank that is a model for developing oil exporters worldwide. As a
"swing producer", Saudi Arabia has traditionally stepped in to make
up for oil supply shortfalls in other OPEC countries, or to scale
back their own production when overabundance might lead to a price
crash. Since 2014, Saudi Arabia has changed its policy in response
to the rise of American shale oil, in search of a long-term
strategy that will, once again, help balance supply and demand at a
steady price. In its informal dual role of central bank and
sovereign wealth fund, SAMA must navigate the paradoxes faced by
monoline oil producing countries: the need for diversification vs.
dependence on oil-based revenue; the loss of foreign exchange
reserves that follows oil-financed government spending; the
unreliability of revenue from oil; the challenges of using a
Western model for supervising Shariah-compliant banks; and the need
to have a balancing mix of oil and financial assets. As SAMA (now
the Saudi Arabian Monetary Authority) reassesses its role in 2017,
this history and guide to current policy issues will prove
invaluable for policymakers in oil producing economies looking to
apply lessons from the past as they plan for the future.
|
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.