Muhammed Al-Jasser added that Asian nations and other developing countries now needed to be integrated into the world's financial and economic architecture.

He was addressing a special conference organized by the global association for leading financial services firms, the Institute of International Finance (IIF).

The National Commercial Bank (NCB) hosted the event at its regional head office in Riyadh this week, with Saudi financial leaders attending.

"Saudi Arabia is now part of the G20, which reflects our systemic role in the global production of energy as well as our substantial financial assets," said Al-Jasser.

"We are fully committed to G20 initiatives aimed at strengthening the global financial system and continue to support its various financial sector initiatives that lead to sustainable economic growth across the globe and in emerging market countries in particular."

He indicated that SAMA had participated in many G20 committees and working groups, taking the perspective of an emerging economy fully sensitive to the needs of its regional group, the GCC (Gulf Cooperation Council), and the larger Arab financial and economic community.

"It is important to underline SAMA's notable success in steering monetary policy in Saudi Arabia and in safeguarding the safety and soundness of the Saudi financial system," said Charles Dallara, IIF managing director.

"While the prospects for the leading mature economies of North America and Western Europe are for quite sluggish growth this year, we anticipate significant growth for most emerging markets, including in the MENA region."

He added that one of the prime topics on the meeting's agenda was regulatory reform.

"The members of the institute agree that more effective regulation is an essential ingredient of a more stable financial system and they support the globally coordinated work taking place under the leadership of the Group of 20."

NCB's CEO Abdulkareem Abu Alnasr emphasized the need to be sensitive to developments in the global economy.

"We are confident about the prospects for Saudi Arabian economic development and about the soundness of the financial services firms in our country," he said.

"Nevertheless, we are aware that we live in an inter-connected world and that it is important that we remain cognizant of major international trends and adapt our corporate strategies accordingly."