Minister: Saudi banking area’s reserve to hit USD1.2T by 203...| MENAFN.COM

Monday, 05 December 2022 02:52 GMT

Minister: Saudi banking area’s reserve to hit USD1.2T by 2030


(MENAFN) Saudi Arabia’s economic area targets to surge the overall reserves of the banking sector to over SR4.5 trillion ($1.2 trillion) by 2030, the nation’s Minister of Finance stated.

Speaking on the event of the 92nd National Day, Mohammed bin Abdullah Al-Jadaan also stated that the overall banking reserves reached an amount of SR3.5 trillion (nearly USD930 billion) by the end of the April-June period of this year, as shown by Asharq Alawsat.

He pointed out that the surging power of the Saudi economy shows the strength of economic procedures, and its capability to adjust against all the obstacles.

He hailed the outcomes accomplished by the Financial Sector Development Program, the Financial Sustainability Program as well as the National Center for Privatization Program.

The Economic Sector Development Program has grown the amount of bodies that are impactful in economic technology to more than 120 firms up to this month, he clarified.

With honors to the Financial Sustainability Program, the minister pointed out that it constituted to carrying out several important reforms.

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