Riyadh- Saudi Arabia’s Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud commended the financial situation of the Kingdom – thanks to its security and stability, and the Saudi Arabian Monetary Agency’s efforts to serve the national economy.
The King received on Monday the 52nd annual report of Saudi Arabian Monetary Agency (SAMA) at Al-Yamamah palace in Riyadh in the attendance of Minister of Finance, Mohammed bin Abdullah Al-Jada’an; Governor of SAMA, Dr. Ahmed bin Abdul Karim Al-Khulaifi and the Governor’s Undersecretaries.
The report reviews the most prominent domestic and global economic developments for the fiscal year 2015.
Dr. Khulaifi indicated during a press conference held in Riyadh on Monday, that the national economy continued to grow positively in 2015, as it increased according to data of real GDP by 3.5 percent, but that economic growth was influenced by the oil market, developments in the global economy and the atmosphere in the region; therefore the Kingdom’s economy grew in the first half of this Year by 1.5 percent compared to the corresponding period of the previous year.
Khulaifi said that there are no worries over the “JASTA” law on Saudi investments in the U.S. He explained that Saudi investments enjoy sovereign immunity, reassuring that there is no intention to end pegging of the national currency, the Saudi Riyal to the Dollar or to change the rate of exchange, either.
According to latest data released by the General Administration of Statistics, inflation fell last September to 3 percent, compared to a rate of 4.3 percent at beginning of the year (January 2016).
SAMA’s Governor stressed on the ongoing contribution of monetary and banking sector in the economic movement through providing adequate liquidity to fund activities in the economy, as banks continued to provide modern and comprehensive banking and financial services in various cities and regions of the Kingdom.
Dr. Khulaifi expected a bright future, which will put the Kingdom on a new development track, which identified the objectives of Vision 2030 and the National Program of transformation.
A similar copy of the report was also sent to both Crown Prince Mohammed bin Naif bin Abdulaziz and Deputy Crown Prince Mohammed bin Salman bin Abdulaziz.