(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)
Saudi Banking Sector Exceeds Basel I Requirements
Secretary General of the Committee on Information and Awareness Raising in Saudi Banks Talaat Hafez told Asharq Al-Awsat that liquid assets reached in the current year 20.6 percent, a high rate of financial efficiency in terms of liquidity size in the banking sector.
He noted that more than 18,000 ATMs and above 310,000 points of sale are distributed in the kingdom to support the development of e-services.
He pointed out that the liquid assets for short-term requirements reached in the first quarter of the current year 32 percent, a sign of good liquidity in banks and high financial solvency.
Hafez stressed that banks are working hard after announcing the financial sector development program, one of the 12 ambitious programs linked to Saudi Vision 2030, which focuses on supporting the private sector.
“The Saudi financial sector is currently working on developing the products’ base and reinforcing financial inclusion in which services are available for all clients,” he added.
Hafez continued that there are ongoing efforts under the supervision of the Saudi Arabian Monetary Authority to develop the digital structure as one of the requirements of the vision, transformation program and development of the financial sector to have a digital Saudi society.