Samba CEO expects full recovery of Saudi economy by 2021-end

25/06/2020 Argaam

 

Saudi Arabia’s economy will start to recover in the second half of 2020 from the COVID-19 impact, with full recovery expected by the end of 2021, Rania Nashar, Chief Executive Officer of Samba Financial Group told Bloomberg.

 

She explained further that the bank is in close contact with Saudi Arabian Monetary Authority (SAMA), Debt Management Centre and Ministry of Finance to review the progress in the stimulus packages provided during the pandemic.

 

Samba is proactively building reserves to be ready for any surprise, Nashar said, noting credit provisions have been doubled in the first quarter of this year compared to the fourth quarter of 2019.

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