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Saudi Bank Stress Mounts
World Economy

Saudi Bank Stress Mounts

Saudi Arabia has work to do to ease pressure in the kingdom’s banking system, NDTV reported. The interest rate banks charge one another for loans rose by the most since August on Sunday, extending a trend that’s slowing earnings and corporate borrowing in the world’s biggest oil exporter. The increase is defying the central bank, which has sought to ease the cash crunch by relaxing lending limits, offering new borrowing facilities and injecting funds into the financial system, including 20 billion riyals ($5.3 billion) pledged Sept. 25. Economic growth is slowing, curtailing bank deposits just as the government increases borrowing to help plug a budget deficit that last year was the widest since 1991.

 

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