SAMA official says working on updating national strategy for education, savings; to include several initiatives

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The Saudi Central Bank (SAMA) is currently working with the concerned authorities to update the national strategy for education and savings, which will be unveiled soon, Ziad Al Yousef, Deputy Governor for Development and Technology, said.

During his participation in a virtual meeting titled "Financial Inclusion and Sustainable Development", Al Yousef explained that the strategy will include several initiatives to enhance the financial culture in Saudi Arabia.

The Kingdom’s financial system is considered reliable and stable regionally and globally, but it is necessary to increase the level of financial awareness and culture.

SAMA is making great efforts through frequent awareness campaigns to educate customers about basic financial concepts and the importance of dealing with official agencies and fraud methods.

The central bank is also working, in cooperation with the Capital Market Authority (CMA), as legislators to strengthen the supervisory and legislative tools, in order to protect customers from negative practices and raise the confidence level in the banking system.