Saudi Arabia Injects $5.3 Billion in Bank System Amid CrunchBy
Funds are in the form of time deposits, central bank says
Central bank also introducing 7-day, 28-day repo agreements
Saudi Arabia’s central bank stepped up efforts to support lenders in the Arab world’s biggest economy as they grapple with the effects of low oil prices.
The Saudi Arabian Monetary Agency, as the central bank is known, said it decided to give banks about 20 billion riyals ($5.3 billion) in the form of time deposits “on behalf of government entities.” It’s also introducing seven-day and 28-day repurchase agreements, as part of its “supportive monetary policy.”…
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