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

Inflation is anticipated to have an impact on fuel demand, which is contributing to a decline in the price of oil.

On Tuesday, oil prices declined, erasing some of the gains made in the previous trading session. This was due to market participants' concerns that more aggressive interest rate hikes from central banks could result in a worldwide economic slowdown and a reduction in the demand for fuel. After gaining 4.1% on Monday, the largest gain in more than a month, Brent crude futures LCOc1 for October settlement dropped 81 cents, or 0.7%, to $104.28 a barrel as of 03:59 GMT on Tuesday. This coming Wednesday marks the end of the October contract, while the more active November contract was trading at $102.33, a decrease of 0.6%. Following a surge of 4.2% in the previous session, the price of U.S. West Texas Intermediate crude CLc1 was reported to be $96.68 per barrel, a decrease of 33 cents, or 0.3%. Inflation is close to reaching double digits in many of the world's largest economies, a level that has not been seen in almost half a century. This could prompt central banks in the United ...

Following The Historic Fed Rate Rise, Hong Kong Stocks Fell To An 11-Year Low

Hong Kong stocks sank to their lowest level in more than a decade on Thursday, as did other Asian markets, after the US Federal Reserve hiked interest rates by 75 basis points and anticipated further rises, fanning fears of a recession. The Hang Seng Index (HSI) plummeted 2.6% , breaking below 18,000 points before rebounding somewhat. It closed 1.6% down at 18,148 , its lo west level since December 2011 . The S&P/ASX 200 index in Australia sank 1.6% , while Japan's Nikkei 225 (N225) and South Korea's Kospi also declined 0.6%. The Shanghai Composite Index (SHCOMP) in China fell 0.3% . European stocks dipped in early trade as well. The FTSE 100 (UKX) index in London fell approximately 0.3% , while the DAX (DAX) in Germany and the CAC40 (CAC40) in France both down about 0.7% . Stock futures in the United States were slightly moved. The drops occurred after the Federal Reserve authorized a third straig...

Discovering the World's Most Exquisite Natural Sceneries

In our pursuit of uncovering Earth's most mesmerizing natural landscapes, we've embarked on a global journey, seeking out unspoiled and awe-inspiring wonders of nature. The following expedition will guide you through an enchanting tour of the world's most stunning natural sceneries, each more captivating than the last. From luxuriant forests to dramatic cliffs and tranquil beaches, this serves as the ultimate handbook for immersing yourself in the beauty of nature. If you've ever wondered how to save money for a vacation while exploring the Most Beautiful Natural Landscapes, we've got you covered with practical tips and guidance to turn your dream vacation into a reality. The Enthralling Beauty of the Amazon Rainforest The Amazon Rainforest, often dubbed as the "Lungs of the Earth," stands as an unparalleled natural marvel. Spanning across South America, this lush and vibrant forest is home to an astounding variety of wildlife and plant species. The sheer ...

EconomyDiary

Search This Blog