Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Central Bank (SAMA)
Fahad AlMubarak, Governor of Saudi Central Bank (SAMA), said that only 32% of the transactions were electronic pre-COVID.
“Currently 55% of the transactions became electronic post pandemic,” AlMubarak said during his speech at the fifth edition of the Future Investment Initiative.
He also added that traditional banks in Saudi Arabia are now inclined towards being technology-based with digitalized services.
Regarding digital currency, AlMubarak said that GCC countries do have the potential to move to digital currencies. “We need to first have a common currency among all the states and then create move to digital currencies.”
Write to Paromita Dey at paromita.d@argaam.com
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