Central bank’s manager: Financial conditions in Saudi Arabia...| MENAFN.COM

Monday, 30 January 2023 06:34 GMT

Central bank’s manager: Financial conditions in Saudi Arabia assuring


(MENAFN) Financial conditions in Saudi Arabia are comforting, because of prudent financial rules, and the nation’s banking sector carries on having good levels of liquidity, the governor of the Saudi Central Bank made an announcement on Wednesday.

Fahad Almubarak stated the bank would carry on managing its foreign-exchange reserves according to “balanced investment policies.”

He also said: “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 applauded the banking sector for “its financial solvency, operational efficiency, good liquidity, and ability to face current challenges.”

His remarks came after the approval of the state budget for the coming economic year, which estimates an excess of SR16 billion (USD4.3 billion) and gross domestic product expansion of 3.1 percent, the finance ministry stated.

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