Saudi trade minister resigns amid inflation woes

Saudi Arabian Trade and Industry Minister Hashem Yamani has resigned, the official news agency SPA reported on Monday, amid criticism over rising inflation in the kingdom.

Saudi trade minister resigns amid inflation woes

King Abdullah named Abdullah Zainal as the new minister, SPA said, without giving further details. Zainal has previously been a minister of state and head of the chamber of commerce in the city of Jeddah.

Yamani was among officials who was criticised in Saudi newspapers when inflation hit 7 percent in January, its highest level in the world's biggest oil exporter in more than a quarter of a century.

Inflationary pressures have accompanied an economic boom stemming from the nearly 400 percent jump in oil prices since 2002 and from Saudi Arabia's action in pegging its riyal to the weak U.S. dollar, which has pushed up some import prices.

The Saudi economy is the largest in the Arab world.

Reuters

Last Mod: 04 Mart 2008, 16:15
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