GCC countries maintain economic resilience on non-oil sector: Alsayari

Ayman Alsayari, Governor of the Saudi Central Bank (SAMA)

Ayman Alsayari, Governor of the Saudi Central Bank (SAMA), said that the GCC countries have largely maintained the resilience of their economies, significantly supported by the non-oil sector. This is bolstered by economic diversification efforts amid the exceptional circumstances facing emerging markets.

Speaking at the joint meeting of GCC Finance Ministers and Central Bank Governors with the International Monetary Fund (IMF), Alsayari highlighted that central banks in advanced economies have faced significant challenges over the past two years, with interest rate hikes having a substantial impact on emerging market economies.

He also noted that Saudi Arabia has shown great interest in the free movement of capital, which supports the country's economic diversification efforts and Vision 2030. He emphasized the importance of maintaining exchange rate stability and its positive impact on economic development, which contributes to preserving economic stability and encouraging domestic investment.

Alsayari further pointed out that Saudi Arabia's practical approach to updating the regulatory and supervisory framework and enhancing the financial safety net plays an effective role in ensuring the sustainability of the economy and maintaining monetary and financial stability.