Al-Falih: Despite worldwide swings, the Saudi riyal remains stable.

RIYADH — Khalid Al-Falih, Minister of Investment, stressed the stability of Saudi Arabia's monetary policies and currency.

The Saudi riyal was the only currency in the world that did not fluctuate, thanks to the Kingdom's shrewd economic policies that ensured the stability of its currency. In his talk to the Saudi Budget Forum 2023 in Riyadh on Sunday, he stated, "The debt rate in the whole global economy, including the major countries, is increasing, while the debt rate in the Kingdom is decreasing to 25%."

Al-Falih hailed the Saudi Arabian budget as "historic" in view of the difficulties facing the world.

The minister stated that the United Kingdom has the highest economic growth in the globe. In response to those who ascribe Saudi Arabia's economic success solely to the rise in oil prices, he noted that the non-oil sector rose by 6%.

Al-Falih lauded the legislative and policy stability as well as the empowerment of the private sector in the Kingdom.

He noted a 9 percent increase in spending and a surplus, which he termed as "unusual" at the level of global economies, particularly in light of the aftermath of the coronavirus epidemic and the economic shocks experienced by countries throughout the world.

He stated that political stability and visionary clarity are what investors seek globally. "Numerous industries of the Kingdom are open to foreign investment. We concentrate on investments with a significant economic impact," he continued.