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Saudi total imports increased to billion in 1998, up from a level of .8 billion in 1997 and .8 billion in 1996.The Kingdom has established a sound regulatory and financial infrastructure based on financial standards and payment systems equivalent to those in major industrial countries.However, the private sector in 1998 maintained a steady growth rate of 2.12 percent and inflation, as measured by the cost of living index, is estimated to have declined by 0.2 percent.The strong private sector growth and price stability are attributed to increased privatization activities and efforts toward economic diversification as well as a continued strong performance of the banking sector.As in the previous year, the Kingdom is keeping a tight budget for 1999 by holding spending down and the deficit at manageable levels.The Kingdom reported revenues of .13 billion and expenditures of .4 billion in 1998, with a deficit of .27 billion.This has resulted in a strong banking sector that benefits from strong management and the most sophisticated technologies.
Saudi Arabias total 1997 exports amounted to .7 billion, continuing at the same level as in 1996.
Non-oil industrial activity was estimated to have grown by 5.5 percent in current prices in 1998.
Saudi Arabias budget for 1999 projected revenues of .3 billion and expenditures of billion, with an anticipated budget deficit of .7 billion.
The financial system in Saudi Arabia consists of the central bank, the commercial banks, the specialized credit institutions, and the stock market.
Banking is regulated under the Banking Control Law issued by Royal Decree in 1966.
It acts as the governments bank, regulates and monitors commercial banks, and manages the Kingdoms foreign assets.