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29

Saudi Arabia Has No Exposure to Financial Crisis

Saudi Arabian central bank says the situation is stable and does not require any emergency measures crisis

In light of the crisis on world financial markets the situation in Saudi Arabia seems tobe quite healthy.

Muhammed Al-Jasser, central bank vice governor, assured that the financial sector of the world's largest oil exporter faced no shortage in liquidity, bank deposits were safe and economic growth healthy.

He said that the central bank was ready to provide sufficient liquidity if needed but no bank had approached it for additional funds. The reason is that most lending was local.

at the same time, Saudi King Abdullah ordered state bodies to look into limiting the effects of the global financial on Saudis' savings

Author: Ksenia Kochneva