The cash liquidity of Saudi banks increased by 5% in October 2019, Ahmed Alkholifey, governor of Saudi Arabian Monetary Authority (SAMA) said on the sidelines of the 2020 budget announcement.

 

“The private sector’s growth is driven by banks’ liquidity, especially the real estate lending sector that promoted the construction sector across the Kingdom,” Alkholifey added.

 

He also noted that loans granted to the real estate sector exceeded 19% of the financing portfolio compared to 12% in 2014.

 

Moreover, Alkholifey said that the index of cashless society increased by 36% in 2019, exceeding the target set by the fiscal development program.

 

He highlighted that SAMA is working on addressing many challenges facing the insurance sector, through implementing new measures within the fiscal development program.

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