Saudi, British FMs discuss regional developments in phone call    Saudi Arabia unveils new skill-based system for expatriate work permits Classification for existing workers began on June 18 while July 1 set for newcomers    New Saudi embassy building inaugurated in Moscow    Nearly 17 million foreign pilgrims perform Umrah in 2024, up 101% from 2022 Makkah ranks 5th globally in number of international visitors    Saudi Arabia reaffirms dedication to achieving equitable and sustainable digital development    Over 80,000 commercial registrations issued in 2Q 2025, bringing total to 1.7 million    Elon Musk announces launch of new political party amid fallout with Trump    UK Foreign Secretary makes historic visit to Syria    Khamenei makes first public appearance since Iran–Israel war    Desperate search continues as Texas flood kills 51, including 15 children 27 girls from summer camp still missing    Riot Games responds to match-fixing allegations in VALORANT    BLAST responds to BESTIA Visa controversy ahead of CS2 Austin major    Christophe Galtier named NEOM SC head coach ahead of historic Saudi Pro League debut    Level Up Docuseries launches June 6 on Prime Video    OPEC+ further accelerates oil output hike by 548,000 bpd in August    Saudi Arabia tops global ICT Development Index for 2025    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al-Kholifey confident on Saudi financial stability
Published in The Saudi Gazette on 09 - 09 - 2020

Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA), has said he was confident in Saudi Arabia's financial stability and reiterated that the Kingdom was committed to keeping the riyal pegged to the US dollar.
But the outlook for the economy remains uncertain, he said on Wednesday, as the oil exporter navigates the effects of low oil prices and the coronavirus pandemic.
Al-Kholifey was speaking to a virtual Euromoney event.
"For us, in our situation, the cut in oil production and the impact of the virus, they have impacted the growth projections," he said. "The outlook for 2020 remains uncertain."
The International Monetary Fund has estimated the Saudi economy could contract by 6.8% this year. Saudi officials have previously said their own projections were less "pessimistic" than that.
Al-Kholifey said the Saudi fixed exchange rate was one of the "overriding anchors" of stability of the financial sector in Saudi Arabia, but added caution was needed in the light of the economic stimulus that has been provided to the economy.
The Saudi central bank in March launched a SR50 billion ($13.33 billion) package to support the private sector. In June, it announced the injection of SR50 billion into the banking sector to support liquidity.
"One has to be careful when you unplug that life support, what would happen, particularly for the quality of assets," he said.
"We feel comfortable but, again, we cannot really relax as long as we are in the midst of the crisis." — Agencies


Clic here to read the story from its source.