The Saudi Central Bank (SAMA) issued the Financial Stability Report 2023, which highlights key local and global economic developments and associated risks as well as latest Saudi financial sector developments. The report covers SAMA’s initiatives to support technological innovations and emerging issues in the financial sector.
According to the report, the Saudi economy grew in 2022, despite global economic challenges. The growth was supported by the financial sector, which saw an increase in bank assets and credit. The Saudi banking sector remained well capitalized in 2022, with prudential liquidity ratios well above regulatory requirements.
As indicated in the report, non-financial institutions recorded a strong performance, with a rebound in insurance companies’ gross written premiums in line with non-oil growth and an increase in finance companies’ total assets in 2022.
The Financial Stability Report 2023 is available on SAMA’s website.
Source: Saudi Press Agency