Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayari, emphasized that the Saudi riyal’s peg to the US dollar, supported by robust foreign exchange reserves, has been instrumental in preserving domestic price stability. He noted that average annual inflation in the Kingdom has remained below 3% over the past five years.
Al-Sayari made these remarks during the panel session “Implications of Global Uncertainty for the International Monetary and Financial Systems” at the AlUla Conference for Emerging Market Economies 2026, organized in partnership with the Ministry of Finance and the International Monetary Fund. The event brought together finance ministers, central bank governors, leaders of international financial institutions, and global experts.
He highlighted that rising global uncertainty has become structural rather than cyclical, driven by geopolitical fragmentation, rapid technological change, commodity price volatility, and the growth of non-bank financial intermediation, which now accounts for over 50% of total global financial assets. Al-Sayari pointed to geopolitical tensions, trade fragmentation, and high debt levels as major challenges for emerging market policymakers.
The SAMA governor underscored that Saudi Arabia’s experience demonstrates the importance of adequate reserves and well-coordinated monetary and fiscal policies to maintain financial stability. He also stressed the need for improved data-driven supervision, unified regulatory standards, careful adoption of emerging technologies, and enhanced cross-border knowledge sharing among authorities.
