Gulf has enough cash to withstand credit crunch

by Souhail Karam Monday, 13 October 2008

The six-nation Gulf Cooperation Council (GCC) said on Monday the bloc's economies have stocked up enough cash over the past five years and its banks have enough capital to withstand the global financial turmoil.

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Banks in the GCC are well capitalised, have enough liquidity and are under tight regulatory controls, the bloc's secretary-general Abdulrahman Al-Attiyah said in remarks carried by Saudi state news agency SPA.
"This puts GCC states in a strong position to confront the financial crisis that happened in the United States and Europe and to protect its economies from any negative repercussions on the global economy because of its crisis," Al-Attiyah said. (Reuters)



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