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| Arabia |
| Oman pumps money into banking system |
| 2008-11-03 |
| Oman's central bank agrees to provide dollar loans and swaps to local banks facing hard currency shortage, to avoid the world financial crisis. The central bank declining to say how much liquidity it will pump into Omani banks said in a statement on Sunday that liquidity can be used only to fund local projects, pay back depositors in hard currency, or service foreign loans that are due and un-extendable. The dollar loans and swaps will be provided for a period of between one and three months, the statement said. Oman is the last Arab Persian Gulf country to intervene in its financial sector in order to fend off the impacts of the current global financial crisis. The other five Gulf Cooperation Council (GCC) states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates had earlier committed themselves to support their banking sectors. |
| Posted by:Fred |