SAMA chief: Strong liquidity and capitalization show strength of Saudi banking system

SAMA chief: Strong liquidity and capitalization show strength of Saudi banking system

RIYADH — Ayman Al-Sayari, governor of the Saudi Central Bank (SAMA), said that Saudi Arabia’s economy witnessed robust growth during the year 2022 despite the global economic challenges. He said the financial system has contributed remarkably to the strong economic performance.

In his comments about the SAMA report for the year 2022, released on Thursday, Al-Sayari said that the Kingdom’s economy showed strong performance in terms of gross domestic product (GDP) and employment rates. “Banks, insurance companies, financing companies, and payment service providers, which are under the supervision of the Central Bank, have worked to expand the scope of financial services, as well as to include all borrowers including private sector stakeholders and individuals,” he said.

Al-Sayari indicated that banks expanded their lending activities to meet the continuous demand for real estate loans, stressing that the results of risks remained moderate during the year, as a reflection of the strength of the local economy. He said that SAMA attached great importance to the strength of the banking system due to the importance of its role in the economy, as all the precautionary ratios for the banking system exceeded the ratios specified in the requirements of Basel, the international standards for bank capital