Saudi Arabia to remain vigilant, maintain growth amid global economic challenges: SAMA  

Saudi Arabia to remain vigilant, maintain growth amid global economic challenges: SAMA  

RIYADH: As the world economy goes through a turbulent time, the Saudi Central Bank, also known as SAMA, will continue to be vigilant to combat any potential risks, the bank said in its latest report.

In its Financial Stability Report 2023, SAMA Gov. Ayman Al-Sayari noted that financial stability risks have increased due to geopolitical tensions, stubbornly high inflationary pressures and monetary tightening.

But he stressed that Saudi Arabia will continue to grow in 2023, primarily driven by various initiatives associated with Vision 2030.

However, he added that the bank will continue to “monitor both global and domestic developments to maintain the stability and resilience of the financial system.”

Briefing about its tremendous growth in 2022, he said the Kingdom reported a real gross domestic product growth of 8.7 percent, as higher oil prices boosted public finances, leading to the budget surplus last year, the first in almost a decade.

Al-Sayari credited this to the Kingdom’s robust financial system, which “played a major role in supporting that economic performance.”

He added: “Operating under SAMA’s supervision, banks, insurers, finance companies and payment providers expanded financial services to all segments of the private sector and retail borrowers. Banks expanded their lending to meet the continued demand for mortgages.”

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