Saudi Arabia names new central bank governor

Saudi Arabia’s king appointed Fahad al-Mubarak as central bank governor, his second stint in one of the most sensitive positions in the kingdom replacing Ahmed al-Kholifey, a decree carried on state media on Sunday said.

Mubarak, who had helmed the Saudi Central Bank (SAMA) from 2011-2016, was previously chairman and managing director of Morgan Stanley, Saudi Arabia, and has also served as chairman of the Saudi stock exchange, Reuters reported.

He was succeeded as governor in 2016 by Kholifey, who guided SAMA during a sharp economic contraction last year caused by lower crude prices and COVID-19. Kholifey will become an adviser at the royal court, the decree said.

SAMA last March launched a 50 billion riyal ($13.3 billion)stimulus package to support the private sector in the world’s top oil exporter. In June, it announced the injection of another 50 billion riyals into the banking sector to support liquidity.