SAMA Governor says Saudi economy is safe from global turmoil

February 17, 2009

Governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Mohamed Al-Jasser said today that while the global financial crisis is still at its peak, it will not affect the solvency of Saudi banks or their ability to gain profits. In a statement, Al-Jasser explained that Saudi banks will be affected by local rather than external factors, because the majority of their investment transactions take place locally.

 

During a press conference on Sunday, Al-Jasser noted that the conservative policies adopted by SAMA saved the Kingdom from many of the harmful effects of the world financial crisis and made the Saudi economy strong in the face of this crisis. He added that there are no shortages or delays in providing the necessary financing for projects and economic activities in the Kingdom.