Dr. Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Arabian Monetary Authority, confirmed that banking services have seen significant development and expansion, At the end of the second quarter of 2015, the number of commercial banks operating in the Kingdom stood at 24, including branches of foreign banks, and the number of bank branches in the Kingdom reached 1,954, and the total credit extended by local banks to the private sector amounted to approximately 1,278.4 billion riyals, The number of ATMs in the Kingdom stood at approximately 16,400, the number of ATM cards issued to citizens and residents exceeded 19.8 million, and the number of point-of-sale terminals reached 175,300. The money supply at the end of the second quarter of 2015 exceeded 1,820 billion riyals, and commercial banks“ assets during the same period exceeded 2,210 billion riyals, with commercial banks maintaining their strong financial solvency.
Dr. Fahd bin Abdullah Al-Mubarak noted that banking services have witnessed tremendous development, particularly in payment and financial settlement systems, in line with the latest international standards, examples of which include the automated clearing house system, the recently launched Saudi payments network ”Mada,“ and the automated funds transfer system (Sari’i). Many banking services are now conducted via the Internet, telephone banking, and other automated services such as the ”Saddad” system for paying public utility fees and bills, which has helped make it easier for citizens and residents of the Kingdom to conduct their business with ease.
In addition, Dr. Al-Mubarak said: The Kingdom’s 85th National Day is a historic occasion on which King Abdulaziz bin Abdulrahman Al Saud—may God have mercy on him—unified this homeland that is so dear to us all. By the grace and generosity of God, we now enjoy an abundance of prosperity, security, and safety, and we recall the development this blessed land has witnessed across all sectors since its unification. The country’s infrastructure was established, resulting in the widespread availability of education, health services, water, electricity, and roads throughout the entire nation.
Dr. Fahd bin Abdullah Al-Mubarak, Governor of the Saudi Arabian Monetary Authority, affirmed that the Kingdom, which is currently commemorating its 85th glorious National Day, takes great pride in its achievements at all levels, particularly in the economic and financial spheres.
He noted the Kingdom’s significant and active role in the global economy, as it has been a member of the G20 since its inception. This group comprises the world’s most important and largest economies, accounting for approximately 85% of global GDP, and its population represents two-thirds of the world’s population. The Kingdom is also an active member of the International Monetary Fund, the International Bank for Reconstruction and Development, the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Financial Stability Board. He noted that the Kingdom is one of the largest contributors to a number of regional institutions, such as the Islamic Development Bank, the Arab Monetary Fund, the Arab Fund for Economic and Social Development, the Arab Bank for Economic Development in Africa, the Arab Authority for Agricultural Investment and Development, the Arab Investment and Export Credit Guarantee Corporation, and the OPEC Fund for International Development.
In concluding his remarks, Dr. Al-Mubarak called for preserving and strengthening the Kingdom’s significant achievements and exerting further efforts to safeguard them, extending, on behalf of himself and the Foundation’s staff, the warmest congratulations on National Day to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud; to His Royal Highness the Crown Prince; to His Royal Highness the Deputy Crown Prince—may God protect them—and to the noble Royal Family, and to the loyal Saudi people. At the same time, he praised the tremendous efforts made by our valiant armed forces to protect the borders and security of this blessed land, praying to God that He may grant us this occasion every year, and that our country and the Arab and Islamic nations may enjoy security, stability, and prosperity.
