Talaat Hafez, Secretary General of the Media and Awareness Committee of Saudi Banks, confirmed that the banking sector in the Kingdom is classified as the fourth banking power in the world after Australia, Canada and Singapore, which enhances the strength and durability of the performance of banks in the Kingdom, and described the sector as compliant with Basel International standards and requirements.

Hafez explained in press statements that the financial indicators of banks in the Kingdom, specifically what is known as financial safety, confirm that the Saudi banking sector is still in a good financial position despite the decline in global oil prices, criticizing the negative view of Moody's credit rating agency for the Saudi banking sector, which is not based on correct facts and figures.

Hafez explained in press statements that the financial indicators of banks in the Kingdom, specifically what is known as financial safety, confirm that the Saudi banking sector is still in a good financial position despite the decline in global oil prices.

The Secretary General of the Information and Awareness Committee of Saudi Banks drew attention to the fact that the ratio of non-performing debts of banks to total financing recorded 1.3%, which is a low ratio when compared to the global banking sector.