VOL. XLI
No. 48
30-November-1998
GCC
Gulf Banks Withstand Oil Price Crisis
Mr. Hamad al-Sayyari, the Governor of the Saudi Arabian Monetary Agency(SAMA), declared on 23 November that the Kingdoms banking system was "strongand solid" and that the economy was now in a better position to withstand shocks fromthe world oil price crisis. Mr. Sayyaris comments reflect a tacit consensus that GCCbanks are going to survive current financial turmoil, given the cushioning effect createdby unexpectedly high...
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