Data from the 54th annual report of the Saudi Arabian Monetary Agency (SAMA) revealed that capital and reserves of local banks grew by 6.3 percent in 2017.
According to the report, the Saudi economy witnessed a sequence of positive indicators, the most notable one being the growth in the non-oil sector at 1.05 percent and the great achievement in the current account surplus at 57.1 billion riyals ($15.2 billion) in 2017 compared to a deficit of 89.4 billion riyals in 2016 ($23.8 billion).
In addition, total assets of commercial banks rose by 2.2 percent to exceed 2 trillion riyals ($533.3 billion), and the local banks’ capital and reserves increased by 6.3 percent to reach 318 billion riyals ($84.4 billion).
In this regard, the Governor of the Saudi Arabian Monetary Agency (SAMA), Dr. Ahmad bin Abdul-Karim Al-Khulaifi, stressed that the Economic Affairs and Development Council adopted many economic policies aimed at strengthening the economic structure and achieving the development goals emanating from the vision of the Kingdom.
Source (Al-Sharq Al-Awsat newspaper, Edited)
