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

Google Gets In On Ethereum Merge Excitement With Nifty Easter Egg

The new feature has been added with just days left until the long-awaited Ethereum Merge. As a sign of support for the upcoming Ethereum Merge, tech juggernaut Google is marking the time left until the upgrade with a new countdown timer. Typing any variation of “Ethereum Merge” or “The Merge” into the search engine shows a countdown ticker, with the estimated time left until the Merge based on the current difficulty, hash rate and merge difficulty. Off to the side is a cartoon of two happy pandas running toward each other with outstretched hands, which supposedly will get closer as the Merge date draws nearer. In a Friday tweet, Google Cloud developer Sam Padilla said that the timer was “a fun little surprise” and a way to show their appreciation of “the work that has been going into this for years.” He said the work was done by Google’s search and labs team but noted that he helped “ kickstart ” the idea and discussion that led to the timer being implemented. In the same ...

Wells Fargo has reached a settlement with the Consumer Financial Protection Bureau (CFPB) in the amount of $3.7 billion.

As part of a settlement agreement with the Consumer Financial Protection Bureau (CFPB), Wells Fargo will pay $3.7 billion to resolve allegations that the bank mistreated customers in relation to checking accounts, mortgages, and auto loans; some of the misbehavior occurred as recently as this year. The business was compelled to pay a record $1.7 billion civil penalty, in addition to more than $2 billion to customers with 16 million accounts, according to a statement released by the CFPB. In a second statement, the bank based in San Francisco claimed that a significant number of the "necessary actions" associated with the settlement had already been finished. "The bank's illegal activity led to billions of dollars in financial harm to its consumers," the agency stated in its announcement. "For thousands of customers, this resulted in the loss of their automobiles and homes." Consumers had their automobiles wrongfully repossessed, and the bank misapplied...

Stocks of bitcoin miners are rising along with the market as traders anticipate a less aggressive Fed

In anticipation of this week's highly anticipated U.S. CPI report, the price of Bitcoin increased to three-week highs. On January 9, traders flocked to equity markets amid growing expectations that the United States Federal Reserve would soon be able to scale back its zealous fight against inflation, sending shares of publicly traded Bitcoin BTC tickers down $17,219 miners skyrocketing. The intraday trading results for the bitcoin mining companies Riot Blockchain (RIOT), Hut8 (HUT), Bitfarms (BITF), Marathon Digital Holdings (MARA), and others showed double-digit percentage gains. The rally was accompanied by a general uptick in equity markets, with the technology-focused Nasdaq rising 2% and the large-cap S&P 500 Index rising 1% before paring gains. Markets increased in value ahead of this week's eagerly anticipated U.S. Consumer Price Index report, which is predicted to show that cost pressures are continuing to moderate. Data from the Labor Department released on January...

EconomyDiary

Search This Blog