Credit: Saudi central bank injects about 20 billion riyals
The oil crunch is hurting Saudi Arabian banks and leading to a liquidity squeeze. On Sunday the Saudi central bank decided to give them nearly $5.3 in time deposits along with introducing 7-day and 28-day repo agreements.
The Saudi currency is pegged to the US dollar and locals have been shifting money abroad.
The government is trying to stabilize the domestic market ahead of its first ever bond sale.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
