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...