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PUMP: Saudi Arabia Injects $5.3 Billion in Bank System Amid Crunch...
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.
Will 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.”
Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says
Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week.
Prices tumbled 3.7 percent on Friday after Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision.
Edited by Rogerdodger, 25 September 2016 - 02:04 PM.
