A royal decree was issued last Thursday that extended a number of government financial initiatives designed to support the private sector, Saudi workers, individuals and investors to help them to cope with the negative impact of the coronavirus disease (COVID-19). 

Effective today, Saudi Arabia is tripling its value-added tax (VAT) to 15 percent, as part of financial reforms intended to support the fiscal imbalance between public revenues and expenditures caused by the negative impact of the coronavirus crisis.

The Saudi Cabinet recently approved a mining investment law to help attract local and international investors to the sector.

Blockchain is an advanced technology that uses distributed ledgers to build blocks through the use of the internet.

Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia, has said it will inject SR50 billion ($13.33 billion) in the banking sector to enhance its liquidity.

Moody’s has unpacked the likely impact of recently announced moves by the Saudi government to limit the impact of the pandemic, specifically through spending cuts, tripling value added tax (VAT) and canceling the cost of living allowance.

The Saudi Arabian Monetary Authority (SAMA) recently re-affirmed its commitment to its exchange rate policy of pegging the Saudi riyal to the US dollar as a strategic choice.