(MENAFN) Fiscal circumstances in Saudi Arabia are comforting, because of prudent financial rules, and the nation’s banking sector carries on having good levels of liquidity, the head of the Saudi Central Bank made a declaration on Wednesday.
Fahad Almubarak announced the bank would sustain managing its foreign-exchange reserves in line with “balanced investment policies.”
“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,” in line with Fahad Almubarak.
Almubarak praised the banking industry for “its financial solvency, operational efficiency, good liquidity, and ability to face current challenges.”
His comments came following the agreement 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 economics ministry mentioned.
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