The Governor of Saudi Arabian Monetary Agency (SAMA) Hamad bin Saud Al-Sayyari reaffirmed the strength and solvency of the banking sector in the Kingdom of Saudi Arabia due to the supervisory standards being pursued by the Agency. In a speech at the ministerial meeting of Group 20 in Sao Paulo today, Al-Sayyari pointed out that these standards have enabled Saudi banks to face the effects of the world financial crisis, adding that the financial results of banks for the first nine months proved the strength of the banking system and its continued ability to meet the financing needs for the growth of domestic economic activity to ensure continued economic activity at strong rates. He commended continual remarkable growth in the economic activity in the Kingdom.
