Saudi Arabia has no reason to be concerned about inflation and spending by the government is not driving up prices, the deputy governor of the Saudi central bank said.

'The inflation (level) is not a reason for concern. And there is no inflationary pressure resulting from government spending,' Mohamed Al Jasser said in a telephone interview with Al Arabiya television.

Asked whether the Saudi government was looking to sell bonds after getting a credit ratings upgrade from Standard & Poors, Jasser said he saw no reason for more state borrowing. Reuters