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Saudi Banks Returning to Normal Business


Riyadh, Saudi Arabia : 18 May 2010

Saudi Arabia, the Arab world’s biggest economy, is returning to normal business operations after being ‘spared the worst’ of the consequences of the global financial crisis.

Mohamed Al Jasser, Governor of the central bank said today that their banks had recognized losses and improved provisions which meant that their ‘balance sheets’ were in better shape for resuming ‘normal business’ in the period ahead.

The Kingdom has seen inflation increase over the past four months, now sitting at 4.9% which is the highest rate in a ten month period.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
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