policy
Political entities continue to monitor the economic and financial repercussions associated with recent government decisions regarding the general financial situation. In this context, the State of Law Parliamentary Bloc revealed on Wednesday a noticeable impact on citizens' purchasing power following recent procedures. Abbas Al-Olayan, a lawmaker from the bloc, confirmed that the currency value adjustment step came unexpectedly, especially since it followed previous official assurances issued by competent financial authorities and the Central Bank not to tamper with the current exchange rate. He added that the reality resulted in completely different data, raising widespread astonishment regarding the change that exceeded expected limits. He pointed out that local markets witnessed an unprecedented sharp wave of high prices that cast heavy shadows on various segments of society, explaining that the value of fixed income has clearly declined. He expressed his aspirations at the end of his remarks towards imposing effective control over markets and stabilizing prices at current limits without further escalation, considering that the current levels represent a limit that can be tolerated compared to worse possibilities.
