On Monday, 09 March 2009, the Bank for International Settlements (BIS) honored the former Governor of the Saudi Arabian Monetary Agency,   Hamad Ibn Saud Al-Sayari, at the Bank's head office in the city of Basel, Switzerland, in his capacity as Dean of Governors for having been Governor of the Saudi Arabian Monetary Agency during the period 1983-2009. The ceremony was attended by the Governor of the Saudi Arabian Monetary Agency, Dr. Mohammed Ibn Suleiman Al-Jasser and a large number of the governors of the member central banks of BIS. His Excellency spoke before the Governors' Committee on his vision regarding the current global financial situation. On this occasion, the Chairman of the BIS Board of Directors Mr. Guillermo Ortiz delivered a speech (enclosed).

Introductory speech for Mr Ortiz to say farewell to HE Sheik Hamad Al-Sayari, former Governor of the Saudi Arabian Monetary Authority (SAMA), and to introduce him as a guest speaker on the occasion of the informal dinner for Governors on Monday 9 March 2009

Ladies and gentlemen,
A very warm welcome to you this evening. We are privileged to have as our guest speaker during dinner His Excellency Sheikh Hamad Al-Sayari who has just stepped down as Governor of the Saudi Arabian Monetary Agency, after an unprecedented term of more than 26 years in office.
We have done a quick search of the records and you are, Sheikh Hamad, the longest-serving Governor among BIS shareholder institutions, and it would seem, despite one or two close runners, in the central banking community as a whole.
Dear Hamad, your wealth of experience during almost three decades in charge of monetary policy has led to you recently having been ranked by the Institutional Investor magazine among the top 20 of the most influential people in the global financial community. The magazine described you � and I like this illustrative metaphor - as �the rock upon which Saudi Arabia�s oil-based economy has been built�.
In light of recent events in the financial arena, your prudent approach to reserve management has been more than vindicated. You must take huge credit for managing the process of change in Saudi Arabia by introducing a more sophisticated financial infrastructure while managing to maintain economic stability. Your achievements at SAMA have earned you the respect of bankers, regulators and political leaders. Your staff at SAMA speak very highly of you too � you have a reputation for setting great store in training and motivating talented staff and you are always ready to listen to their views. In your turn, you are also noted for asking many searching questions of them!
You have been coming here to Basel since the early eighties. I should like to add on behalf of all of us here that your regular participation in, and contribution to, the BIS bimonthly meetings will be missed. You have represented your institution, and indeed the Gulf region, with gravitas but also always with a lightness of touch and ease of communication. This has helped build your reputation and break new ground for a wider participation in economic discussions generally. On behalf of the central banking community, we wish you and your family every happiness in your retirement.
You will talk to us this evening after the dinner�s main course about your many years of experience in central banking. We are very much looking forward to listening (and possibly debating) your �reflections on experience�.
Ladies and gentlemen, before we sit down at the table, please let us greet Sheik Hamad and wish him future health and happiness!