The central bank of Saudi Arabia - Saudi Arabian Monetary Agency (SAMA) has offered to borrowers short-term loans on very favorable terms in June to debtors cope with the acute shortage of money - for AMarkets materials.
The total volume of "preferential" credit program -. About $ 4 billion part of the money (about $ 1.5 billion) were lent largest private banks. All loans are issued for a period of 1-4 years. This step can be seen as an extra step to support the authorities' liquidity levels in the private business sector.
In the near future should not expect more, and other steps - lowering the threshold of mandatory reserves for banks or raising loans / deposits indicator threshold (this figure is now 90% compared to an earlier value of 80%).All to banks continued to lend against the background of large-scale withdrawal of money by the authorities - the money needed to finance the budget deficit. 3-month interbank rate financing - Saudi Interbank Offered Rate - increased by 69 basis points in the current year to the level of 2.24% - which is about the maximum that has not been seen since 2009. With the end of May, the rate rose by 9 bp - In the same period of Brent crude oil prices fell by 15%.