SAMA wins Best Risk Manager award among the world’s central bank

Saudi Arabian Monetary Agency (SAMA) has been given the Best Risk Manager award by the Central Banking Awards Committee.
Updated 28 January 2019
0

SAMA wins Best Risk Manager award among the world’s central bank

RIYADH: The Central Banking Awards Committee (SBAC) has awarded the Saudi Arabian Monetary Agency (SAMA) the Best Risk Manager award, at the central banks level for 2018-2019.
The award was the culmination of SAMA’s efforts to effectively and fully implement risk management methodology in the organization as a whole, and to ensure that these risks are adequately managed and closely monitored.
“SAMA has achieved all professional requirements in the application of best practices and international standards. After examining all criteria and requirements for winning the award, SAMA was the best among all central banks, henceforth it was rated as the world’s best risk manager,” the statement said.
Commenting on the event, the SAMA governor Dr. Ahmed bin Abdulkarim Al-Khilaifi stressed that Saudi monetary authority attaches great importance and commitment to risk management, in order to identify, in advance, all types of risks it may be exposed to, adding that: “We are proud that SAMA has received the Risk Manager Award for 2019.”
The awards ceremony will be held on March 13 in London.


India suspends Kashmir border trade with Pakistan

Updated 19 April 2019
0

India suspends Kashmir border trade with Pakistan

  • Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries
  • India said it had reports that trade on the border was being “misused by Pakistan-based elements for funnelling illegal weapons, narcotics and fake currency”

NEW DELHI: India has suspended trade across its disputed Kashmir border with Pakistan, alleging that weapons and drugs are being smuggled across the route, as tensions simmer between the nuclear-armed neighbors.
Kashmir has been on edge since a February suicide attack that killed 40 Indian paramilitaries and brought the two countries to the brink of war with cross-border air strikes.
On Thursday, India’s government, which is in the middle of a tough national election, said it had reports that trade on the border was being “misused by Pakistan-based elements for funnelling illegal weapons, narcotics and fake currency.”
It also said many of those trading across the Line of Control, which divides Kashmir into zones under Indian and Pakistani control, had links to militant organizations.
The home ministry said trade would be suspended until a stricter inspection mechanism is in place.
The cross-border trade is based on a barter system, with traders exchanging goods including chillies, cumin, mango and dried fruit.
It began in 2008 as a way to improve strained relations between New Delhi and Islamabad, who have fought two of their three wars over the disputed region.
The Indian Express newspaper said Friday that 35 trucks carrying fruit traveling from the Indian side of the border had been stopped after the government order.
Trade on the border has been suspended before, including in 2015, when India accused a Pakistani driver of drug trafficking.
The latest move comes after India withdrew “Most Favoured Nation Status” — covering trade links — from Pakistan after the February attack, which was claimed by the Pakistan-based Jaish-e-Mohammed Islamist group.
Islamabad has denied any involvement in the attack.
India’s Hindu nationalist Prime Minister Narendra Modi has made national security a key plank of his re-election campaign, pointing to the recent flare-up of violence as he battles the center-left opposition Congress party.
He is seeking a second term from the country’s 900 million voters in the mammoth election which kicked off on April 11 and runs till May 19. The results will be out on May 23.