ID :
23287
Wed, 10/08/2008 - 20:30
Auther :
Shortlink :
http://m.oananews.org//node/23287
The shortlink copeid
SAMA`s deputy governor comments on international financial
Riyadh, Oct 8, SPA -- Deputy governor of the Saudi Arabian monetary
agency (sama) said the international financial crisis will not have a
great impact on the Saudi economy or on the Saudi financial
institutions due to the fact that there are no direct investments in
these international financial institutions which have witnessed
strong problems in liquidity and investment.
Dr Mohammed al-Jasser noted that the Saudi economy has never
witnessed problems in liquidity, adding that growth within the last
eight months rose by 21 percent compared to 18 percent last year.
Moreover, he said deposits grew by more than 22 percent in the first
eight months compared to the last year.
In a statement to channel 1 last night, Dr al-Jasser said there is a
plenty liquidity in the Saudi economy in a manner led to this growth
and increase of lending process at the local market.
Sama has the capability and means for dealing with any certain
circumstance in liquidity, he said.
He pointed out that sama has been continuously and accurately
following up the developments at the market, and it is ready to make
adequate liquidity available if the market requires that.
He said all these means are available for the banks to obtain
liquidity, and 'we have the mechanism for re-purchasing of liquidity
not used by the banks.
'We are not facing any problem as regards liquidity in the Saudi
economy, he said.
As regards the situation in the Saudi stock market, he said 'I think
the infection at the international stock market may have affected our
stock market'.
Dr al-Jasser reiterated that the deposits at the Saudi banks are in a
secured situation adding that the Saudi banks and their financial
base and loans exist in the Saudi economy. He noted that the rate of
loans has amounted to 116 percent of the volume of deposits in the
Saudi economy and added nothing can justify becoming afraid from the
impact of the international financial crises on the deposits.
He made it clear that sama will not allow endangering the deposits at
the Saudi banks.
Nothing can justify the existing fears in this respect, he concluded.
agency (sama) said the international financial crisis will not have a
great impact on the Saudi economy or on the Saudi financial
institutions due to the fact that there are no direct investments in
these international financial institutions which have witnessed
strong problems in liquidity and investment.
Dr Mohammed al-Jasser noted that the Saudi economy has never
witnessed problems in liquidity, adding that growth within the last
eight months rose by 21 percent compared to 18 percent last year.
Moreover, he said deposits grew by more than 22 percent in the first
eight months compared to the last year.
In a statement to channel 1 last night, Dr al-Jasser said there is a
plenty liquidity in the Saudi economy in a manner led to this growth
and increase of lending process at the local market.
Sama has the capability and means for dealing with any certain
circumstance in liquidity, he said.
He pointed out that sama has been continuously and accurately
following up the developments at the market, and it is ready to make
adequate liquidity available if the market requires that.
He said all these means are available for the banks to obtain
liquidity, and 'we have the mechanism for re-purchasing of liquidity
not used by the banks.
'We are not facing any problem as regards liquidity in the Saudi
economy, he said.
As regards the situation in the Saudi stock market, he said 'I think
the infection at the international stock market may have affected our
stock market'.
Dr al-Jasser reiterated that the deposits at the Saudi banks are in a
secured situation adding that the Saudi banks and their financial
base and loans exist in the Saudi economy. He noted that the rate of
loans has amounted to 116 percent of the volume of deposits in the
Saudi economy and added nothing can justify becoming afraid from the
impact of the international financial crises on the deposits.
He made it clear that sama will not allow endangering the deposits at
the Saudi banks.
Nothing can justify the existing fears in this respect, he concluded.
