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Saudi Arabia’s King Salman announced a government overhaul that saw the kingdom’s top central banker and longtime oil minister replaced as part of sweeping economic changes led by his son to reduce the nation’s reliance on hydrocarbons.

The king appointed Ahmed Alkholifey to head the Saudi Arabian Monetary Agency, as the central bank is known, succeeding Fahad al-Mubarak, who had been in the role since 2011. Also out is Oil Minister Ali al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, replaced by Saudi Aramco Chairman Khalid al-Falih.

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