Princes become beggars
The consequences of falling oil prices have reached and the Middle East states: power cut state employee salaries, and the Central Bank of Saudi Arabia, said the need for additional support to the economy. The regulator plans to pour into the country's banking system about $ 5.3 billion.
The central bank of Saudi Arabia has declared its intention to place in the country's 20 billion riyals banks ($ 5.3 billion) and to introduce two new tools to maintain financial stability in the face of low oil prices, reports The Economic Times. The Saudi central bank "on behalf of the government" intends to place these funds in the form of deposits in a number of commercial banks, as well as enter repurchase agreements 7 and 28 days. Usually, the Central Bank of Saudi Arabia used the day of the agreement.
Placement of deposits - is not the first measure of the Saudi central bank to mitigate the financial crisis in June of this year, the regulator has issued short-term loans at 15 billion rials (about $ 4 billion) in order to win back the liquidity constraints.
The country's economic problems associated with the global trends in oil production, so Saudi Arabia, originally formerly initiated negotiations to freeze production and later abandoned the idea, as it was not supported by Iran.
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