Al-Falih: Saudi riyal remains stable amid global changes

RIYADH — Khalid Al-Falih, the Minister of Investment, talked about how stable Saudi Arabia's monetary policy and currency are.

"All currencies around the world went up and down, except for the Saudi riyal, which stayed stable because of the Kingdom's smart economic policy. "The debt rate in the world economy as a whole is going up, even in the leading countries, while the debt rate in the Kingdom is going down to 25%," he said on Sunday at the Saudi Budget Forum 2023 in Riyadh.

Al-Falih said that Saudi Arabia's budget was "historic," especially given the problems the world is facing.

The minister said that the Kingdom has the fastest growing economy in the world. He told those who say that the rise in oil prices is the only reason the Saudi economy is growing that the non-oil economy grew at a rate of 6%.

Al-Falih praised the stability of the Kingdom in terms of laws, policies, and the way the private sector was given more power.

He pointed out that spending has gone up by 9 percent and that there is a surplus, which he called "rare" at the level of global economies, especially in light of the effects of the coronavirus crisis and the economic shocks that countries around the world experienced as a result.

He said that what investors all over the world want is political stability and clear goals. "There are many places in the Kingdom where foreign investors can invest. What we pay attention to are investments that have a big effect on the economy," he said.

Comments

The Dollar Rises to a New 5-Week High Ahead of Jackson Hole on the Fed's Hawkish Tack

After another Federal Reserve member signaled the probability of sustained aggressive monetary tightening on Monday, the U.S. dollar index jumped to a new five-week high before the Fed's critical Jackson Hole symposium this week. After Russia said that it might cut off European gas supplies through the Nord Stream 1 pipeline for three days at the end of this month, worsening the region's energy crisis, the euro dropped to its lowest level in five weeks. The Chinese central bank slashed key lending rates, the latest in a series of monetary easing measures meant to shore up an economy suffering from COVID-19 crackdowns and a property crisis, which caused the yuan to fall to its lowest level in over two years. Last up 0.074% at 108.23, the U.S. dollar index rose to 108.26 for the first time since July 15 versus a basket of six rival currencies that includes the euro. This comes after a week in which the market rose 2.33 percent, its largest weekly rise since April 2020 and against...

Mercado Bitcoin Partners With Stellar To Create MVP For Brazilian CBDC

Brazilian exchange Mercado Bitcoin announced its partnership with the Stellar Development Foundation (SDF) on Tuesday. The company said it intends to develop one of the nine projects selected for the LIFT Challenge Real Digital, promoted by the Central Bank of Brazil. The LIFT Challenge Real Digital is a collaborative environment carried out by the Central Bank of Brazil (Bacen), in partnership with the National Federation of Associations of Central Bank Servers (Fenasbac). With the announcement of Stellar's integration, SDF will join the consortium created by Mercado Bitcoin to develop solutions for Real Digital and which also has CPQD and ClearSale. CEO of Stellar Development Denelle Dixon said that Stellar’s network is prepared to support Mercado Bitcoin and the Central Bank of Brazil as they explore use cases for the Real Digital’s future. “Stellar was designed for asset issuance, and its built-in compliance tools give Mercado Bitcoin a strong foundation to ...

A Bitcoin charity event has been announced by Hal Finney's wife.

She stated that the purpose of the event is to raise money in order to provide assistance to people who have been affected by ALS. Fran Finney, the wife of the pioneer in the field of cryptography Hal Finney, has announced a charitable event that will benefit patients suffering from amyotrophic lateral sclerosis (ALS). Finney, who was discussing the event on Twitter, urged users of Bitcoin to participate in a half marathon and share their experiences on social media between January 1 and January 10, 2023 in order to contribute to the fundraising effort to combat the disease. Fran Finney, using her husband Hal Finney's official Twitter account, was the one who made the announcement. She had previously reactivated the account in order to save it from being deleted during a purge that Twitter performs on inactive accounts. The event, which is being held in conjunction with the Golden West Chapter of the ALS Association, was given the moniker "Running Bitcoin" in honor of the...

EconomyDiary

Search This Blog