Jeddah, Asharq Al-Awsat- Minister of Finance Dr Ibrahim Al-Assaf said the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz had exchanged views with Director General of the International Monetary Fund (IMF) Rodrigo de Rato on the Kingdom”s oil policy.

In a statement here on Tuesday evening, he said de Rato had lauded the Kingdom”s wise economic policy.

King Abdullah reiterated to de Rato that the kingdom will remain keen on the stability of the oil market, but the King called on the industrial countries to avoid imposition of taxes or lessen taxes on petroleum products to the ease burden on consumers. Dr Al-Assaf said the Kingdom has approved opening branches for the banks of the GCC member states in the Kingdom, adding ”there are no obstacles for opening branches of the banks of the GCC states”.