Saudi Central bank governor says outlook for Saudi economy is uncertain

SourceZawya
SectorEconomy
CountrySaudi Arabia

DUBAI/RIYADH- The outlook for Saudi Arabia's economy remains uncertain, the kingdom's central bank governor said on Wednesday, as the oil exporter navigates the effects of low oil prices and the coronavirus pandemic.Ahmed al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA), speaking to a virtual Euromoney event, said he was confident in the country's financial stability and reiterated that the kingdom was committed to keeping the riyal pegged to the U.S. dollar."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.The governor said the ...read more...