By JERUSALEM POST STAFF
A Saudi official says the oil-rich kingdom is facing no liquidity problem and rules out negative effects on its economy from the global credit crisis.
The official news agency, SPA, quoted Mohammed al-Jasser, deputy governor of the Saudi Monitory Agency, the country's central bank, as saying the bank is capable of dealing with any liquidity need.
In late Tuesday night's statement, Jasser said bank deposits are safe and economic growth healthy.
Jasser also has assured borrowers that banks will continue usual lending operations.
Like elsewhere in the Middle East, shares in Saudi Arabia's exchange plunged Tuesday, hitting a four-year low with a 7 percent drop.
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