G20 must implement bank supervision measures – Saudi

September 2, 2009

Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), gestures during a news conference in Riyadh September 1, 2009. JEDDAH, Sept 2 (Reuters) – Group of 20 developed countries must stick to banking oversight regulations agreed in the wake of the global financial crisis to avoid a future credit crunch, Saudi Arabia’s central bank governor told the local press agency, citing concerns over backsliding.

“There are fears that there might be some hesitancy about having supervision policies among some of the developed countries,” Muhammad al-Jasser, governor of the Saudia Arabian Monetary Agency (SAMA), was quoted as saying by Saudi Press Agency late Tuesday.

“We hope that they rely on the supervision policies that were agreed upon during the summit in London in order to avoid such crises in the future.”

Finance ministers and central bankers from the Group of 20 developed and developing economies meet in London this week to assess how far the world economy and banking system is recovering two years of crisis. ((Reporting by Asma Alsharif; Editing by Chris Pizzey, via Riyadh newsroom, +966 1 463 2603))

Keywords: SAUDI G20

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