Report: Saudi banks see no significant impact from lira depreciation

By REUTERS
August 16, 2018 13:26
Breaking news

Breaking news. (photo credit: JPOST STAFF)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

DUBAI - There has been no significant impact from the depreciation of the Turkish lira on the results and quality of Saudi Arabian bank assets, Talaat Hafez, spokesman for Saudi banks, was quoted as saying in a tweet carried by the kingdom's state TV Alekhbariya on Thursday.

Earlier on Thursday National Commercial Bank, Saudi Arabia's largest bank by assets, said there was limited impact from the decline of the lira on the bank.

The currency has lost nearly 40 percent against the dollar this year, driven by worries over Turkish President Tayyip Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 15, 2018
Pence: Trump likely to meet Kim in 2019; won't allow broken pledges to end arms

By REUTERS