Heading into a new journey, JAECOO J8 is shaking up the luxury off-road market    Top US officials walk back parts of Trump's plan to 'take over' Gaza    Al Rajhi Bank announce a strategic partnership with MuhideFinTech Platform to authenticate and govern SMEs' trade finance transactions    India 'engaging with US' after shackled deportees spark anger    Sweden mourns after deadliest shooting as gunman details emerge    Indian media pile into lawsuit against OpenAI chatbot ChatGPT    Argentina says it will pull out of WHO, mirroring Trump's move last month    Waitangi Day: Thousands gather in NZ with Māori rights in focus    MoH summons person for spreading misinformation that ginger causes strokes    Takamol Holding to showcase advanced technology solutions and services at LEAP 2025    GEA hosts mass wedding of 300 couples at "Night of a Lifetime" celebration during Riyadh Season 300 cars and housing as gifts for the newlyweds    7 Saudi hospitals advance in Brand Finance's 2025 rankings    Food Culture Festival kicks off in Riyadh's Diplomatic Quarter    Saudi Arabia to present 'The Um Slaim School: An Architecture of Connection' at Biennale Architettura 2025 Syn Architects explore Riyadh's architectural heritage, fostering new pedagogical approaches and global dialogue    Al Hilal reclaims top spot in AFC Champions League Elite with 4-1 win over Persepolis    Billionaire philanthropist Aga Khan dies    Royal Decree Enhances Integrity and Recovers Public Funds    Al Ahli extends unbeaten run with 3-1 comeback win over Al Sadd in AFC Champions League Elite    Cristiano Ronaldo scores twice as Al Nassr thrashes Al Wasl 4-0 in AFC Champions League Elite    Grammy Awards 2025: Beyoncé wins best country album    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    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.



SCB governor says monetary conditions reassuring
Published in The Saudi Gazette on 07 - 12 - 2022

Fahad Almubarak, governor of the Saudi Central Bank (SAMA), congratulated Custodian of the Two Holy Mosques King Salman and the Crown Prince and Prime Minister Prince Mohammed Bin Salman on the occasion of announcing the 2023 budget.
The new budget focuses on promoting economic growth, addressing challenges and empower the private sector.
Almubarak affirmed in this regard that the Saudi Central Bank will continue making progress and achieving its contemplated missions in line with the national economy's requirements and the Kingdom of Saudi Arabia's Vision 2030.
He further noted that the Saudi Central Bank moved forward based on a clear vision of the Kingdom's financial sector and its future as well as its prospective role in boosting the economy.
The Saudi Central Bank has undertaken a number of initiatives in the past period including: Launching the financial technology strategy following its approval by the Cabinet, with the aim of leading the Kingdom to be among the top countries globally in financial technology.
This is in addition to the bank's serious endeavor to facilitate FinTech innovation to drive economic development and raise the level of welfare for citizens. Moreover, the Saudi Central Bank has updated the Framework of its Regulatory Sandbox, which will open the way for financial companies to provide an array of new and innovative financial services.
Furthermore, the Saudi Central Bank issued the Open Banking Framework as one of the key outputs of the Open Banking Program, which includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and FinTech companies to provide open banking services in the Kingdom.
Almubarak noted that despite the exceptional circumstances in the Kingdom and the world, the Saudi economy has proven a high ability to withstand shocks thanks to range of factors, most notably: the rapid response by the government, the Central Bank and other entities through wise decisions taken to preserve economic gains and to confront the repercussions of these global circumstances.
Almubarak affirmed that the monetary conditions in the Kingdom are reassuring as a result of the Central Bank prudent monetary policy. He also commended the banking sector for its financial solvency, operational efficiency, good liquidity, and ability to face current challenges.
He asserted that the banking sector has strong Financial Soundness Indicators (FSIs), which signals good performance and boosts its resilient. Almubarak noted that Capital Adequacy Ratio recorded 19.4% for the third quarter of 2022, while Liquidity Coverage Ratio recorded approximately 174.2% for the same period, which enhances its ability to face challenges and crises.
Regarding other sectors supervised by the Saudi Central Bank, Almubarak stated that the Central Bank will continue to develop the insurance sector structure by consolidating the financial positions of insurance companies, including mergers.
It is worth noting that two new merger deals were signed during 2022. According to the governor, merger deals will establish strong financial and operational entities and increase the sector's contribution to the GDP.
He also praised financing companies sector for achieving positive growth indicators, with 45 companies licensed by the end of the third quarter of 2022.
Almubrarak also tackled the electronic payments sector and digital transformation in payments, underlining the increase in the number of new licensed SMEs, which would support the local economy and contribute to the digital transformation of payments.
He added that nine new FinTech companies were licensed during the current year in the field of electronic payments, bringing the total number of licensed companies to 23. Also, one digital bank was licensed, bringing the total number of Neo-bank (digital banks) licensed by the Saudi Central Bank to three banks.
With regards the management of foreign exchange reserves, Almubarak said the Saudi Central Bank is maintaining its approach based on balanced investment policies, use of advanced technologies, and best international practices in the fields of asset management and measurement of performance and risk.
This has significantly strengthened the Saudi Central Bank's financial position. The Saudi Central Bank's reserve assets grew by 2.8% since the beginning of 2022 until the end of September, culminating to SR1.756 billion, the governor said.
Almubarak underscored the Saudi Central Bank commitment to preserve monetary and financial stability, and support the achievement of Saudi Vision 2030 through the Financial Sector Development Program.
This will enable the financial sector to strengthen the foundations of the economy to drive the development spearheaded by the Custodian of the Two Holy Mosques and the Crown Prince. — SG


Clic here to read the story from its source.