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Saudi central bank's $3bn bid to ease liquidity

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 21 October 2008
DOLLAR DECISION: Saudi's central bank has pumped up to $3 billion into the banking system. (Getty Images)
DOLLAR DECISION: Saudi's central bank has pumped up to $3 billion into the banking system. (Getty Images)

The Saudi central bank poured between $2-$3 billion into the banking system in the form of deposits to ease liquidity pressures, its first direct injection of US dollars in a decade, bankers said on Tuesday.

The Saudi Arabian Monetary Agency (SAMA), the kingdom's central bank, also provided riyal liquidity and the bankers said it may add more US dollar funds to the system given current conditions.

The bankers said SAMA had deposited between $200-$350 million with each bank.

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The central bank made a rare repurchase rate cut on October 20 and also lowered reserve requirements to give increased liquidity to banks.

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