Saudi Arabia Cuts Interest Rates
On Saturday, the Tadawul All Share Index dropped another 9.2%, that translates to more than a 60% decrease since the beginning of 2008. The next day, Saudi Arabia attempted to take more steps to shield its citizens from the global economic crisis. The central bank cut repo interest rates to 3% to boost liquidity and reduced the cash reserve requirement for banks to make credit more available.
Brandie Gordon
