Saudi Central Bank governor says some stimulus packages maintained amid uncertainty

Saudi Central Bank governor says some stimulus packages maintained amid uncertainty

Saudi Central Bank governor says some stimulus packages maintained amid uncertainty

Saudi Central Bank governor says some stimulus packages maintained amid uncertainty

Liquidity levels are very satisfactory, whether on the level of economy or the liquidity coverage ratio in banking sector, according to Saudi central bank governor Dr. Ahmed Alkholifey. (AFP file photo)

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Saudi Central Bank governor says some stimulus packages maintained amid uncertainty

Updated 07 December 2020

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Dr. Ahmed Alkholifey, Governor of the Saudi Central Bank (SAMA) lauded the stability of the Kingdom's financial sector in face of the repercussions of COVID-19 pandemic.

Speaking during the Financial Stability Forum held on Dec. 6, Alkholifey, said: "We are keen to monitor the asset quality of the Saudi financial sector. We noted that the sector witnessed a rise in non-performing loans to 2.3 percent from 1.9 percent“.

The central bank is closely monitoring the solvency of the financial sector and the cost of finance that it sees as low due to the procedures it has taken, he noted.

Alkholifey also highlighted that some stimulus packages injected by SAMA are still existing due to the continued state of uncertainty.

Liquidity levels are very satisfactory, whether on the level of economy or the liquidity coverage ratio in banking sector, Alkholifey