Saudi Arabias economy grew 1.2 percent during the first quarter of this year and currency reserves grew 1.4 percent reaching $480 billion, governor of the Saudi Arabian Monetary Authority (SAMA) Ahmed al-Kholifey said in a conference in Riyadh. In addition, current account data improved with a surplus of $18.9 billion in the second quarter of this year compared to $9.3 billion last year. Kholifey indicated that real estate loans also continued to grow during the second quarter, by 2.3 percent, reaching $57.8 billion from banks only, while finance companies exceeded $4 billion and grew by 7.9 percent. The Governor noted that the banking sector maintained most of its good figures, as the capital adequacy reached about 21 percent which is “high and reassuring rates.” Deposit rates were up to 78 percent, while the target is 90 percent, according to the governor, who added that liquidity coverage rate is 197 percent, while the benchmark is still 100 percent and the ratio of non-performing loans has risen from 1 to 1.8 percent. “According to national accounts, private expenditures rose by 5 percent during the first quarter of 2018. While the per capita consumption of indicators monitored by SAMA has recently risen to higher levels than in previous years,” said Kholifey. The Sama governor pointed out that the average consumption per capita reached $9.7 thousand dollars, surpassing previous periods between 2014 and 2016. Consumer loans grew in the second quarter 1 percent, while loans for small and medium enterprises increased 3.9 percent in the second quarter, compared with 2 percent last year, Kholifey told the press. "In the years 2015, 2016 and 2017, a 7 percent drop of foreign remittances was noticed, which is a significant decline. Expectations continue to fall, but they are not major because the agent’s remittances are linked to the presence of non-Saudi workers, and since a lot of them left the country, a drop is expected,” he explained. With regard to the issuance of new bank licenses, Kholifey announced that several new branches are under construction, and some will be operational by the end of the year. He noted that there are 42 targets in the program to develop the financial sector, 16 of which are linked to financial technology, and “we have reached some achievements, as well as the development of banking technology.” Asked about the financial academy, Kholifey announced that it will soon be established, adding later that "perhaps early next year” and it will serve all financial sectors and will supervised by the SAMA and the Capital Market Authority (CMA).