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Saudi Central Bank (SAMA) Governor Drs. Ahmed Alkholifi lauded the stability of the state’s financial sector in the face of the consequences of the COVID-19 epidemic.
Speaking during the Financial Stability Forum held on Alcoholism on 6 December, he said: “We are keen to monitor the quality of assets of the Saudi financial sector. We noted that the sector saw a 1.9 percent to 2.3 percent increase in non-performing loans.
He said that the central bank is closely monitoring the solvency of the financial sector and the cost of finance, as it is low due to the processes it has taken.
Alkholife also underlined that some stimulus packages injected by SAMA still exist due to the constant state of uncertainty.
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The level of liquidity is very satisfactory, whether it is at the level of the economy or the liquidity coverage ratio in the banking sector, Alkholife said that the money supply has increased by more than 5 percent in the first 10 months of the year.
In addition, liquidity coverage in the banking sector was over 190 percent, he concluded.
