Governor of SAMA holds press conference on latest economic,

Asked to comment on the effects of the current financial foreign
situation on the stock market, Al-Sayyari said if any effect, that is
attributed to psychological factors.

"What I know and am sure of is that our local conditions are good
and opportunities for domestic growth are strong and that government
spending, which is the major engine for economic activity and foreign
investors confidence, are still good", he added.
Citing excerpts of the third quarter's report, he said that
deposits from abroad exceed the assets of Saudi banks abroad, the
lending against shares was much less than they were two years ago,
and the contracts between the client and the bank are controlled by
legal obligations.
Commenting on a question about the meeting of Economic
Group 20 in which the Kingdom is soon scheduled to participate, he
revealed that a meeting will be held on the 8th and 9th of November
by finance ministers and central bank governors of the Member States
of Group 20, in Brazil, preceding Washington summit to discuss the
current crisis and restore confidence and stability to the world
banking system.
He said Saudi Arabia is the only Arab country in group 20,
due to its strict bank control system which the world counterparts
need to get-acquainted.
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