The Banker Magazine has named the Governor of the Saudi Central Bank (SAMA) Mr. Fahad Almubarak as the Best Central Bank Governor of the Year 2023 for the Middle East.
The Banker Magazine is a monthly international financial affairs publication owned by the Financial Times Group and recognized as one of the world’s premier banking and financial resource for data and analysis of the banking industry.
The magazine said in a statement that “under Almubarak’s leadership, SAMA has taken several measures to support the stability of the financial and banking systems and increased its contribution to the Saudi economic growth.”
“Beyond ensuring the stability of the sector, SAMA has been one of the region’s most progressive regulators in recent years, in terms of its embrace of digital innovation, with electronic payment volumes exceeding cash payment volumes for the first time in 2021,” as per the statement.
The Banker’s Central Banker of the Year 2023 awards celebrate the officials that have best managed to stimulate growth and stabilize their economy.
Mr. Almubarak said that, “As part of its mandate to support economic growth and maintain monetary stability, SAMA will continue to facilitate the process of sustainable and inclusive economic development and diversification by maintaining exchange rate stability and exploiting the potential of the Saudi financial sector as well as harnessing Fintech.”
Saudi Arabia’s banking sector has been supported by strong economic growth this year, with higher oil prices making the Kingdom one of the world’s best-performing major economies in 2022, as per the reports.