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Thursday, 29 December 2016

Saudi bank deposits rise in November as c.bank liquidates foreign assets | Reuters

Saudi bank deposits rise in November as c.bank liquidates foreign assets | Reuters:
"Saudi Arabian commercial bank deposits rose to their highest level this year in November, a sign that a liquidity crunch due to low oil prices is easing as the government liquidates foreign assets to pay its bills, official data showed on Wednesday.

Bank deposits climbed to 1.624 trillion riyals ($433 billion) from 1.610 trillion riyals in October, the fourth straight month-on-month gain, the central bank figures showed.

Deposits fell earlier this year as the government, its revenues shrunk by cheap oil, placed less money with domestic banks. At the same time, it covered part of a huge budget deficit by issuing bonds to the banks."

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