The Saudi Central Bank
The Saudi Central Bank

An economic report revealed this morning that the indicators at the present time strongly confirm the cohesion of the Saudi economy in the Kingdom of Saudi Arabia in light of the exceptional emergency conditions that the world is going through at the present time and which are ravaging the global economy, which was greatly affected by the repercussions of the outbreak of the Corona virus. In many countries of the world .

In a related context, the report revealed that the financial reserves of the Kingdom of Saudi Arabia at the present time are sufficient to cover Saudi imports by about four years or forty-seven months, and this indicates the strength of the Saudi economy and its ability to cope with the emerging Corona virus.

In this regard, the solvency index in the Kingdom of Saudi Arabia comes in light of the unprecedented current events that resulted from the impact of the emerging Corona virus (Covid-19) on all countries of the world amid the Saudi government’s announcement of a set of new stimulus packages, the aim of which is to support the private sector In the Kingdom of Saudi Arabia, with a special focus on all small and medium enterprises, in addition to the sectors most affected in the Saudi economy at the local level.

On the one hand, the report issued by Jadwa Investment Company (licensed by the Saudi Finance Authority) on the macroeconomic developments for the Kingdom of Saudi Arabia revealed a decline in the reserves of the Saudi Arabian Monetary Agency (SAMA) from foreign assets last February of the current year 2020 compared to January of the current year to reach 497 billion dollars.

The report also revealed that the details of those assets reveal a large decline on a monthly basis - in the category of “deposits of all Saudi banks in foreign currencies” by about four billion dollars, with a slight decrease in the category of “foreign securities” during the same month of the current year 2020 .

Jadwa Investment, according to all its estimated calculations, reveals that the size of foreign reserves at the present time in the Saudi Central Bank "Sama" can cover about seven and a month terrors (i.e. four years) of the Kingdom's imports, at more than ten billion dollars. Of the goods and products that the Kingdom imports every month from abroad.

On the other hand, these indicators come amid the Saudi government's judicious and balanced efforts in its decisions, which it revealed in the recent period in order to stimulate the Saudi economy and its ability to repel all negative effects that result from the repercussions of the impact of the "Corona virus" on all citizens in the Kingdom of Saudi Arabia. A number of incentives among direct financial support of one hundred and twenty billion riyals ($ 32 billion), in order to strengthen economic activities through the private sector.