Central bank’s head believes Saudi economics are moving posi...| MENAFN.COM

Tuesday, 31 January 2023 05:18 GMT

Central bank’s head believes Saudi economics are moving positively


(MENAFN) Financial situations in Saudi Arabia are surging once more, due to sensible monetary policies, as well as the nation’s banking industry carries on to enjoy good amounts of liquidity, the director of the Saudi Central Bank stated on Wednesday.

Fahad Almubarak mentioned that the bank is going to carry on to deal with its foreign-trading reserves according to “balanced investment policies.”

He also mentioned that “Despite the exceptional circumstances in the Kingdom and the world, the Saudi economy … has proven a high ability to withstand shocks. Monetary conditions in the Kingdom are reassuring as a result of the central bank’s prudent monetary policy.”

Almubarak praised the banking industry for “its financial solvency, operational efficiency, good liquidity, and ability to face current challenges.”

His remarks came after the agreement of the state budget for the approaching fiscal year, which estimates an exceed of SR16 billion (USD4.3 billion) as well as gross domestic output expansion of 3.1 percent, the finance ministry stated.

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