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Saudi inflation not at “worrying” level – c.banker
Setting an inflation target was not a good way to manage monetary policy in the Gulf Arab oil produce-says c.banker.
October 12, 2010 1:30 by Reuters
Saudi Arabia’s inflation has not reached worrying levels and setting an inflation target was not a good way to manage monetary policy in the Gulf Arab oil producer, Central Bank Governor Muhammad al-Jasser told Al Arabiya TV station.
“The inflation ratio is increasing in the kingdom. It has not reached very worrying levels but as a central bank governor I have to worry about inflation issues,” Jasser said in an interview with Al Arabiya aired on Tuesday.
“I don’t believe in the theory of inflation target. I do not think that after the crisis it has proved to be a prudent way to manage monetary policy, in particular in countries that are very open and rely heavily on the export of one commodity,” he said.
(Reporting by Souhail Karam; writing by Martin Dokoupil; Editing by Raissa Kasolowsky)