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FinancialNews
29-06-22
Saudi Central Bank cash flow attaches instant relief
(MENAFN) In line with a news agency report the Saudi Central Bank’s SR50 billion (USD13 billion) cash flow has attached instant relief to commercial lenders in the Kingdom.
The report also mentioned that SAMA made this move as banks in the Kingdom are confronted with the poorest fluidity crunch in more than 10 years.
After the momentary relief, a report evaluates that lenders still need to made income of about SR160 billion (nearly USD45B) to fund bigger loan books.
Edmond Christou, a senior analyst at a news agency stated that “Banks still must diversify funding. SAMA’s aid just delays a fix.”
The report also mentioned that the most recent flow of cash from the central bank have already began presenting its effect as the Saudi Arabian Interbank Offered Rate, also known as SAIBOR, dropped by nearly 17 basis points from Friday to 3.13 percent on Sunday.
MENAFN29062022000045014228ID1104450423
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