The Saudi Arabian Monetary Agency (the Central Bank) revealed, in a report issued by it, that the Saudi economy has achieved positive developments in most of its sectors during 2019, indicating that monetary and banking indicators continue to record good performance during the current year despite the Corona pandemic crisis.
According to the report, the Saudi economy grew during 2019 with the support of the non-oil sector, which achieved positive developments, despite the noticeable decline in the oil sector due to the Kingdom's commitment to the "OPEC +" agreement, which aims to stabilize the oil market.
With regard to the current year 2020, the report showed that the money supply achieved in June an annual increase of 9.0 percent to about 2052 billion riyals and bank deposits also grew at a rate of 9.0 percent to reach about 1843 billion riyals, while the bank credit granted to the sector increased. Private 13.2 percent, to reach about 1610 billion riyals.
The Saudi economy benefited from the economic and financial reform packages approved by the government during the previous years to achieve the aspirations of the Kingdom's Vision 2030, as the local economy showed flexibility in absorbing economic shocks as a result of fluctuating oil prices, thanks to the continued government spending on development projects and support for the Kingdom's Vision 2030 programs that contributed to Neutralizing the effects of those shocks.
Source (Al-Arabiya.net, Edited)
