Al-Falih: The Saudi riyal has remained steady despite recent market volatility

KSA, Riyadh — Khalid Al-Falih, the Saudi Arabian Minister of Investment, recently spoke on the country's secure currency and monetary policies.

The Saudi riyal has remained stable despite global currency swings, thanks to the Kingdom of Saudi Arabia's astute economic policies. Speaking at the Saudi Budget Forum 2023 in Riyadh on Sunday, he said, "the debt rate in the entire world economy, even the leading countries, is increasing, while the debt rate in the Kingdom lowers to 25%."

In view of global problems, Saudi Arabia's budget is "historic," according to Al-Falih.

According to the minister, the Kingdom's economic growth is unprecedented. To refute the claim that the increase in oil prices is responsible for all of Saudi Arabia's economic progress, he highlighted the 6% expansion of the country's non-oil sector.

After years of turmoil, the Kingdom of Saudi Arabia has finally found legislative and policy stability, and Al-Falih has taken the opportunity to express his gratitude.

He noted the 9 percent increase in spending and the surplus, calling it "unusual" on the scale of global economies, especially in light of the coronavirus outbreak and the economic shocks experienced by countries throughout the world.

He claimed that the two most important factors for investors are political stability and a well-defined future. A wide range of economic activities in the Kingdom is open to international investment. High-impact investments are our main priority," he said.

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