Saudi riyal remains stable amid global fluctuations

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RIYADH - Minister of Investment Khalid Al-Falih highlighted the stability of Saudi Arabia’s monetary policy and its currency.

“All currencies around the world witnessed fluctuations except the Saudi riyal, thanks to the Kingdom’s wise economic policy that brought about stability for its currency. The debt rate in the entire world economy, even the leading countries, is increasing, while the debt rate in the Kingdom decreases to 25 percent,” he said while addressing the Saudi Budget Forum 2023 in Riyadh on Sunday.

Al-Falih described Saudi Arabia’s budget as “historic”, especially in light of the challenges the world is facing.

The minister said that the economic growth in the Kingdom is the highest in the world. In response to those who attribute the Saudi economic growth to the rise in oil prices alone, he pointed out that the non-oil economy grew at a rate of 6 percent.

Al-Falih praised the stability witnessed by the Kingdom in terms of legislation and policies and the empowerment of the private sector.

He pointed out that there is a growth in spending by 9 percent and a surplus, which he described as "rare" at the level of global economies, especially in light of the consequences of the coronavirus crisis and the economic shocks witnessed by the countries of the world in its aftermath.

He said political stability and clarity of vision are what the investor seeks worldwide. “Many sectors in the Kingdom are available for foreign investment. What we focus on are investments with a very high economic impact,” he added.