RIYADH: The Saudi Central Bank has issued the IT governance framework to streamline functions of financial institutions operating in the kingdom, the Saudi Press Agency reported. The framework will also be applicable to lending institutions, Saudi Payments and credit information companies. It is part of SAMA’s responsibilities to effectively identify and address potential IT risks and threats. … Read more
RIYADH: No Saudi banks were lost during the financial crisis of 2008/9 and the financial sector is again in a strong position as it faces the economic fallout from the Covid-19 pandemic, according to Saudi Central Bank Governor Fahad Almubarak. The central bank, also known as SAMA, has been and continues to be strict in … Read more
CAIRO: The Saudi Central Bank (SAMA) predicts that the annual inflation rate in the kingdom will rise slightly in the fourth quarter of this year, Arab News quoted its latest inflation report. SAMA cited jumps in global inflation levels and a strengthening of domestic demand as contributors to the rise in consumer prices. On a … Read more
CAIRO: The Saudi Central Bank (SAMA) is still examining some emerging technologies, including distributed ledgers and blockchain, before it makes any decision, Arab News quoted a report from Al Eqtisadiah. SAMA is one of the first central banks in the G20 countries to experience distributed ledgers and blockchain technologies through the ‘Aber’ digital currency project. These efforts … Read more
A report released by Saudi Central Bank (SAMA), states that the country’s total overseas reserves increased by 2.3% in November 2020, reaching 1.71 trillion riyals. According to the report released by the central bank, Saudi Arabia’s overseas reserves increased by 38.7 billion riyals in November compared to October this year. Report further stated that the … Read more
