عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Central Bank Launches Gov’t Banking Services Platform ‘Naqd’

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)
TT
TT

Saudi Central Bank Launches Gov’t Banking Services Platform ‘Naqd’

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) introduced “Naqd,” a government banking services platform that enables government agencies to conveniently access their accounts at the central bank and carry out financial transactions securely on a digital platform.
This initiative is part of the central bank's strategy of providing banking services to government agencies and supporting digital development. It aims to digitize the financial operations services of government agencies on their accounts at SAMA through a unified and secure digital platform.
It also facilitates access to account information at all times, enables the management of these accounts, and provides instant monitoring of transactions to and from government agencies’ accounts.
The platform aims to offer electronic banking services that support government financial transactions, improve the user experience, enhance efficiency and productivity in financial transactions using the latest technologies, and reduce the time required to complete government banking procedures.

Most Viewed

 
 
Business

Oil Falls on Lingering Demand Concerns in China

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
TT
TT

Oil Falls on Lingering Demand Concerns in China

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices declined more than 1% on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the US Federal Reserve could begin cutting its key interest rate as soon as September.

Brent futures were down $1.31, or 1.54%, to $83.54 a barrel at 1317 GMT, while US West Texas Intermediate (WTI) crude was down $1.41, or 1.72%, to $80.50.

The weaker Chinese economic data "cast some doubts on whether market participants are being overly optimistic" regarding China's oil demand outlook, IG market strategist Yeap Jun Rong wrote in an email, Reuters reported.

The world's second-largest economy grew 4.7% in April-June, official data showed, its slowest rate since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. It slowed from the previous quarter's 5.3% expansion, hamstrung by a protracted property downturn and job insecurity.

"Its 2Q GDP and retail sales figures had surprised on the downside by a significant margin, while anticipation for stronger stimulus measures at the Third Plenum may face the risk of disappointment," Yeap added, referring to a key economic leadership meeting in Beijing this week.

In the US, Fed Chair Jerome Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the central bank's target in a sustainable fashion, remarks which market participants interpreted as indicating that a turn to interest rate cuts may not be far off.

Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

Some analysts cautioned about being overly bullish as expected weakness in some macroeconomic data from the US could still indirectly hurt oil demand in the near term.