Two cruise missiles intercepted over western Saudi Arabia
<p>The Saudi-led coalition said it intercepted two cruise missiles launched toward the western part of the country.</p>
Saudi Arabia is experiencing a liquidity crisis despite its oil exports rebounding to pre-war levels, according to a report from Bank of America. The Saudi banking system is facing "contagion" due to liquidity tightness in the UAE and a sharp slowdown in the Saudi economy, the report stated. Saudi banks are struggling as the UAE, which is also suffering from the repercussions of the Iran war and reduced liquidity, tightens its monetary policies.
The interconnected nature of the banks, with numerous interbank transactions, has led to a significant portion of deposits residing in Saudi banks. Meanwhile, government entities are withdrawing funds from these banks, exacerbating the liquidity strain. However, loan demand is high, which is driving up the cost of money for Saudi Arabia.
The liquidity crisis is particularly concerning given that Saudi Arabia's currency is pegged directly to the US dollar, along with other Gulf states like the UAE, Qatar, Oman, and Bahrain.
Written by urgent.news from Middle East Eye's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Saudi Arabia faces liquidity crunch even as oil exports rebound to pre-war levels middleeasteye.net
- Egypt, Saudi Arabia join G7 talks on ME stability in Paris egyptindependent.com
- Saudi Arabia, Tajikistan sign agreement to combat cross-border corruption saudigazette.com.sa
- Yemenis in Sanaa mourn dozens killed in strike blamed on Saudi Arabia al-monitor.com
- Kenya to engage Saudi Arabia over Kenyan woman sentenced to 100 lashes, Sing’Oei says peopledaily.digital
- Saudi Arabia and Tajikistan sign MoU to boost anti-corruption efforts english.ajel.sa
