Some stimulus packages maintained amid uncertainty

FE Team | Published: December 07, 2020 23:53:30

RIYADH, Dec 07 (Arab News): Dr Ahmed Alkholifey, Governor of the Saudi Central Bank (SAMA) lauded the stability of the Kingdom's financial sector in face of the repercussions of Covid-19 pandemic.
Speaking during the Financial Stability Forum held on Dec 06, Alkholifey, said: "We are keen to monitor the asset quality of the Saudi financial sector. We noted that the sector witnessed a rise in non-performing loans to 2.3 per cent from 1.9 per cent".
The central bank is closely monitoring the solvency of the financial sector and the cost of finance that it sees as low due to the procedures it has taken, he noted.
Alkholifey also highlighted that some stimulus packages injected by SAMA are still existing due to the continued state of uncertainty.
Liquidity levels are very satisfactory, whether on the level of economy or the liquidity coverage ratio in banking sector, Alkholifey noted, adding that the money supply grew by over 5 per cent in the first 10 months of the year.