The Islamic Development Bank has replaced Bandar Hajjar as president.
The Saudi Arabia-based multilateral said in a statement on Sunday (July 18) Muhammad Sulaiman Al Jasser will be the new IsDB president for five years.
The IsDB did not say why Hajjar was replaced or when Al Jasser would start in his new role.
Al Jasser was formerly Saudi Arabia's economy and planning minister from 2011 to 2015 and the Kingdom's central bank governor between 2009 and 2011.
Hajjar was announced as IsDB president in May 2016 and he started the job on October 1 of the same year.
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