Al-Falih: Saudi riyal stable despite global volatility

Riyadh Khalid Al-Falih praised Saudi Arabia's monetary strategy and currency.

All currencies fluctuated except the Saudi riyal, thanks to the Kingdom's smart economic policies. The debt rate in the international economy, even the leading countries, is increasing, while the Kingdom's is decreasing to 25%, he remarked on Sunday.

Al-Falih called Saudi Arabia's budget "historic" given global problems.

The minister said the UK had the world's fastest economic growth. In response to those who ascribe Saudi economic development to oil prices alone, he said the non-oil sector rose by 6%.

Al-Falih complimented the Kingdom's legislation, programs, and private sector empowerment.

He noted a 9 percent increase in spending and a surplus, which he called "unusual" at the level of global economies, especially in light of the coronavirus epidemic and subsequent economic shocks.

He said global investors want government stability and direction. Many Kingdom sectors are open to foreign investment. We prioritize high-impact investments, he said.

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