It’s time for stock exchange: Sayyari

RIYADH, 22 October — Hamad Al-Sayyari, governor of Saudi Arabian Monetary Agency, said the time was ripe to establish an advanced national stock exchange that would be capable of accommodating future privatization programs.

Sayyari, who chaired a session of the symposium, said the government was studying strategic plans to develop the financial sector to counter challenges such as economic globalization and opening up of financial services.

The central bank governor said the entry of new banks such as Emirates International Bank, Bahrain National Bank and Kuwait National Bank in the Saudi market will boost competition and help improve banking services in the country.