SAMA to launch virtual riyal for banks

Updated 06 October 2017
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SAMA to launch virtual riyal for banks

JEDDAH: The Saudi Arabian Monetary Agency (SAMA) will implement a pilot project to issue a virtual/digital currency that will be traded exclusively among banks to avoid any economic impact, SAMA Governor Ahmed Al-Khulaifi has revealed.
SAMA will also study the positive aspects of the practice and consider whether or not it will continue.
Al-Khulaifi ruled out any plan to issue a digital currency for trading between individuals and companies, adding that the Saudi banknotes currency will be dispensed with the coins.
Quoted by Al-Hayat daily, Al-Khulaifi said in a press conference at SAMA headquarters in Riyadh on Wednesday that "The Saudi Riyals banknotes currency will be dispensed and one Riyal category will be issued into coins instead in the next stage."
He also confirmed that SAMA "provided all equipment needed for the issuance and circulation of the Riyal coins as it will be available at the headquarters of the agency, its branches and the entire banking sector."
Al-Khulaifi was surprised by the decline experienced by the Saudi riyals in futures exchange. He said he sees no reason for that as he described liquidity in the banking system as good.
He pointed out that "private consumption expenditure exceeded trillion riyals last year, an increase of 5 percent compared to 2015, while government consumption expenditure amounted to SAR16 billion."
He also disclosed that the average per capita private consumption amounted to SAR33,000 last year.
He described SAMA's reserve assets as "still good, it amounted to SAR1.8 trillion in August. They cover more than 30 months of Saudi imports of goods and services and account for more than 70 percent of GDP."


Walmart, Microsoft team up to take on Amazon

Updated 17 July 2018
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Walmart, Microsoft team up to take on Amazon

  • The move is aimed at helping Walmart compete better against Amazon
  • Walmart is already using Microsoft services for some applications

WASHINGTON: Walmart said Tuesday it was entering into a strategic partnership with Microsoft on “digital transformation” for the onetime retail industry leader.
The move is aimed at helping Walmart compete better against Amazon, which is taking a growing share of retail sales in the United States and globally.
The two firms said the partnership was focused on using artificial intelligence and other technology tools to help manage costs, expand operations and innovate faster.
“Walmart’s commitment to technology is centered around creating incredibly convenient ways for customers to shop and empowering associates to do their best work,” said Walmart chief executive Doug McMillon, Walmart CEO.
Microsoft’s business cloud computing platform known as Azure will help Walmart manage operations ranging from refrigeration and air conditioning to improving its supply chain and transportation.
“The world’s leading companies run on our cloud, and I’m thrilled to partner with Walmart to accelerate their digital transformation with Microsoft Azure and Microsoft 365,” said Satya Nadella, CEO of Microsoft.
Walmart is already using Microsoft services for some applications and will expand that to tap into Microsoft’s machine learning, artificial intelligence, and data platform, according to the statement.
Earlier this month, the research firm eMarketer said Amazon’s surging growth would enable it to capture 49.1 percent of US online retail sales this year, up from 43.5 percent.
Amazon is far ahead of online rivals like eBay, with 6.6 percent of ecommerce, and Apple, at 3.9 percent, according to eMarketer, which estimated Walmart’s share at 3.7 percent.
According to the research, Amazon now controls nearly five of the total US retail market, including online and offline.