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FINANCIAL NEWS
Saudi Arabia 2016 budget to drop at SR326bn
06 Nov 2016
(MENAFN) Saudi Arabia avoided an economic crisis due to low oil prices this year, while the outlook for state finances and growth will remain dark for many months to come.
However, harsh spending cuts will reduce its budget deficit, which reached USD98bn last year, by much more than planned.
On the other hand, USD17.5bn sovereign bond issue last month opened an overseas borrowing channel, which Riyadh can use to slow its foreign reserves.
Meanwhile, a foreign banker in Riyadh confirmed the economy had escaped a fiscal and currency crisis that emerged at the start of this year.
More News
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BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
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