Matrix, yes, I assumed that since the author of the piece used the definite article THE, he meant the one and only central bank. If there is more than one, he should have used the indefinite article A. I think it was a safe assumption: from the Wall Street Journal yesterday, Feb 14 Saudi Arabia Replaces Head of Central Bank
By MOHAMMED ALY SERGIERIYADH—Saudi Arabia named Muhammad al-Jasser as its new central-bank governor on Saturday in a government reshuffle that saw the appointment of the first woman to a cabinet-level position in the kingdom. Mr. al-Jasser replaces Hamad Al Sayyari, the longest serving central banker in the Gulf, to head the Saudi Arabian Monetary Agency, an authority that controls monetary policy in the kingdom and oversees its vast foreign assets estimated to be worth in excess of $500 billion. Associated PressMuhammad Al-Jasser "Al-Jasser is an excellent choice to run the most important central bank in the region and one of the most important in the G-20," said John Sfakianakis, the chief economist at SABB, HSBC Holdings PLC's Saudi affiliate. King Abdullah, Saudi Arabia's ruler, has decided to introduce new leadership at SAMA as the kingdom prepares to adjust to the twin challenges of lower oil prices and the global economic crisis. Mr. al-Jasser attended San Diego State University, according to a profile on the CEO World magazine Web site. Prior to joining SAMA in 1995 as deputy governor, Mr. al-Jasser held a number of positions in the Saudi Ministry of Finance and the IMF, according to the Web site. He didn't return calls Saturday seeking comment. Investors on the Saudi Arabian Stock Exchange, or Tadawul, were optimistic about the change in management at the top of SAMA. "There is some positive reaction in the market to the appointment of the new central-bank governor but investors will eventually want to see some real policy changes to sustain the sentiment," says Rashid Al Fowzan, a Saudi market analyst. Saudi shares closed up 2% at 4944.18 Saturday. Mr. al-Jasser will have to contend with a worsening economic climate as the kingdom's oil earnings shrink. Saudi, the world's largest oil exporter, expects revenue this year to fall to 410 billion Saudi riyals ($109.31 billion), from 1.1 trillion riyals expected in 2008. At the same time as announcing a new SAMA chief, Noura Al Fayez was appointed as the deputy education minister, becoming the first woman to enter the upper levels of the kingdom's government, according to Al Arabiya television Saturday. "It's an excellent step forward and is part of the ongoing modernization of the country, where women are included in business and government," Mr. Sfakianakis said. —Nikhil Lohade in Dubai contributed to this story.
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