VOL. XLII

No. 38

20-September-1999

GCC

GCC Banks Survive The Acid Test 15 Months Of Low Oil Prices

Aggregate results for 1998 for the financial institutions ofthe GCC suggest that the regions banks have passed the acid test and proventheir ability to survive the asset quality cycle that results from economiesstill highly dependent on oil. Despite over 15 months of low oil prices (Brentcrude averaged $12.70/B in 1998 compared to $19.06/B the previous year) and thecollapse of the Asian and...