KSA’s banking industry stays strong amidst pandemic | MENAFN.COM

Sunday, 23 January 2022 04:18 GMT

KSA’s banking industry stays strong amidst pandemic


(MENAFN) According to Saudi Central Bank Gov. Fahad Almubarak, banking industry of Saudi Arabia stayed strong throughout the Coronavirus pandemic and more digital banks are in line to acquire permits to start operating in the country.

He stated that no Saudi banks were lost during the financial catastrophe of 2008/9 and the financial industry is again in a sturdy place as it deals with the economic decline due to the pandemic.

On Thursday Almubarak stated at the Financial Stability Conference in the capital of Saudi that SAMA has also invested in the country’s digital payments substructure, aiding to decrease prices on digital payments by SR1.2 billion (about USD 319.9).

Almubarak further declared that the central bank, also referred to as SAMA, has been and carries on to be firm in its application of global criteria, and so are other organizations in the country.

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