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English news

18-Sep-2019

Central bank on standby in aftermath of drone attacks

Saudi Arabia’s central bank on Tuesday said it’s prepared to inject liquidity in the financial system if needed to help the economy cope with the aftermath of this week’s major attacks on Aramco’s oil facilities. With its stockpile of net foreign assets at over USD500bn, it gives the monetary authority the ability to intervene in the markets at any time according to governor Ahmed Abdulkarim Alkholifey told reporters in Riyadh on Tuesday. He said that they don’t expect there to be a liquidity shortage but we are always targeting what are called tail risks. He further said that they are monitoring global interest rates. In addition he said that if interest rates are lowered, this will be an impetus for growth in the economy. 
 
 

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