Riyadh-Mubasher: Fahad Al-Mubarak, governor of the Saudi Arabian Monetary Agency (SAMA), said the kingdom’s monetary policy aims to maintain stability of national currency and banking sector.
In his speech to the Islamic Finance Research Conference held in Riyadh, Al-Mubarak said SAMA aims to keep the riyal price at SAR 3.75 and uses all available resources to achieve the financial and monetary stability.
“The kingdom’s monetary policy and strong commercial banks boosted the domestic economy, lured more investments and eased the negative impacts of global financial crises,” the governor said.
He added that despite the decline in oil prices and the region’s tough conditions, the kingdom’s real GDP grew by 3.4% in 2015 and the banking sector recorded 3.7% growth.
The governor expected the local economy to maintain its bullish performance as it will benefit from the significant developments of infrastructure and human cadres over the past years.
“We are anticipating the National Transformation Programme which is expected to achieve economic and social developments in Saudi Arabia through the optimisation of available resources,” Al-Mubarak said.
Translated by Abdul Maguid Aboshahla
