Saudi monetary conditions are reassuring, says central bank governor

Saudi Arabia's central bank governor said on Wednesday that monetary conditions in the Gulf Arab state are reassuring as a result of prudent monetary policy and that its banking sector enjoyed good liquidity.

Governor Fahad Almubarak said in a statement that the Saudi Central Bank would continue to manage foreign exchange reserves based on "balanced investment policies".

"Despite the exceptional circumstances in the Kingdom and the world, the Saudi economy...has proven a high ability to withstand shocks," Almubarak said.

"Monetary conditions in the Kingdom are reassuring as a result of the Central Bank prudent monetary policy," he said, commending the banking sector for "its financial solvency, operational efficiency, good liquidity, and ability to face current challenges". 

(Reuters)